The Maryland Insurance Administration announced that penalties for certain statutory violations will increase on Oct. 1.
The maximum penalty the administration can impose on an unauthorized insurer or person engaging in the business of insurance to $125,000 per violation, from $50,000.
The maximum penalty for violating provisions of the insurance code is increasing to $5,000 from $500.
The increased penalties were authorized by SB 229/HB 67, which the governor enacted in April.
According to an analysis of the measures, the maximum penalty for an unlicensed person engaging in the busin...
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