17:23B-5 - Violations; penalties - New Jersey Statutes

17:23B-5.    Violations; penalties 
    5.  a.  The commissioner may suspend, revoke or refuse to renew the certificate of authority of any insurer or other entity that fails to file information with the NAIC as required by this act when due or within any extension of time which the commissioner, for good cause, may have granted. 

   b.   In addition, or as an alternative to any other penalty, the commissioner may impose a fine of up to $5,000 for the first violation of any provision of this act, and up to $10,000 for each subsequent violation.  Each day of delay in filing information as required by this act shall constitute a separate violation. 

   L.1993,c.238,s.5.