382.265. Penalties, certain actions.

Penalties, certain actions.

382.265. 1. Any insurer failing, without just cause, tofile any registration statement as required in this section shallbe required, after notice and hearing, to pay an administrativepenalty of five hundred dollars for each day's delay, to berecovered by the director, and the penalty so recovered shall bepaid to the state treasurer for deposit to the general revenuefund of this state. The maximum penalty under this section isfifty thousand dollars. The director may reduce the penalty ifthe insurer demonstrates to the director that the imposition ofthe penalty would constitute a financial hardship to the insurer.

2. Every director or officer of an insurance holdingcompany system who knowingly violates, participates in, orassents to, or who knowingly shall permit any of the officers oragents of the insurer to engage in transactions or makeinvestments which have not been properly reported or submittedpursuant to section 382.100, 382.195, or 382.210, or whichviolate this section, shall pay, in their individual capacity, anadministrative penalty of not more than one hundred dollars perviolation, after notice and hearing before the director. Indetermining the amount of the administrative penalty, thedirector shall take into account the appropriateness of theforfeiture with respect to the gravity of the violation, thehistory of previous violations, and such other matters as justicemay require.

3. Whenever it appears to the director that any insurersubject to sections 382.010 to 382.300 or any director, officer,employee or agent thereof has engaged in any transaction orentered into a contract which is subject to section 382.190,382.195, 382.200 or 382.210 and which would not have beenapproved had such approval been requested, the director may orderthe insurer to cease and desist immediately any further activityunder that transaction or contract. After notice and hearing thedirector may also order the insurer to void any such contractsand restore the status quo if such action is in the best interestof the policyholders, creditors or the public.

(L. 1992 H.B. 1574)