§ 688 - Administrative penalties; insurance company's license suspended - Vermont Statutes

§ 688. Administrative penalties; insurance company's license suspended

(a) The commissioner, after notice and opportunity for a hearing, may assess administrative penalties of not more than $5,000.00 against any employer, insurance company, or their agents that the commissioner finds has refused or neglected to comply with the reasonable rules and regulations of the commissioner or any orders issued by the commissioner, or to adjust and pay compensation and medical bills in accordance with the provisions of this chapter.

(b) The notice and opportunity for a hearing under this section shall be in accordance with chapter 25 of Title 3. The commissioner shall adopt rules regarding the amount and imposition of penalties.

(c) In addition to assessing administrative penalties, the commissioner may refer to the commissioner of banking, insurance, securities, and health care administration any insurance company authorized to transact workers' compensation insurance in this state which refuses or neglects to comply with the reasonable rules and regulations of the commissioner or which neglects or refuses to properly and promptly adjust and pay compensation and medical bills in accordance with the provisions of this chapter. If, after hearing, the commissioner of banking, insurance, securities, and health care administration finds that the insurance company has failed to comply with the rules and regulations or orders issued by the commissioner of labor or has failed to properly and promptly pay compensation and medical bills as provided by this chapter, the commissioner of banking, insurance, securities, and health care administration may take appropriate action against the insurance company as provided in Title 8. (Amended 1989, No. 225 (Adj. Sess.), § 25(b); 1993, No. 225 (Adj. Sess.), § 15; 1995, No. 180 (Adj. Sess.), § 38(a); 2005, No. 103 (Adj. Sess.), § 3, eff. April 5, 2006.)