HRS §431:3-221
Power to fine
This section lets the insurance commissioner fine an insurer instead of or along with suspending, revoking, or refusing to renew its license. The fine must be paid within a set time, and if not paid, the license is revoked and the state can sue to collect it.
businesses
The statute, as written — Power to fine
In addition to or in lieu of the suspension, revocation, or refusal to extend any certificate of authority, the commissioner, after hearing, may levy a fine upon the insurer in an amount not less than $500 and not more than $50,000. The order levying the fine shall specify the period within which the fine shall be fully paid, which shall not be less than thirty nor more than forty-five days from the date of the order. Upon failure to pay the fine when due, the commissioner shall revoke the insurer's certificate of authority if not already revoked, and the fine shall be recovered in a civil action brought on behalf of the commissioner by the attorney general. Any fine so collected shall be paid by the commissioner to the director of finance for the account of the compliance resolution fund.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.