1240

Any person, association, corporation or rating organization that violates any of the provisions of this chapter shall, upon conviction thereof, be punished by a fine of not less than fifty dollars ($50) nor more than five hundred dollars ($500) for each offense.\nIf it is determined after due notice and hearing, that any authorized insurer, licensed insurance producer has violated any of the provisions of this chapter, the Commissioner, in lieu of any other penalty prescribed by law, may order such insurer, producer, as the case may be, to pay to the Commonwealth of Puerto Rico as a penalty, a sum no greater than five thousand dollars ($5,000) for each offense, and the failure of any person to pay such penalty within thirty days after issuing such order, unless such order is suspended by an order of the Court of First Instance, shall constitute a violation of the provisions of this chapter.\nWithin the meaning of this section, the issuing, procurement or denial of each insurance policy by the insurer, producer, as the case may be, in violation of the provisions of this chapter, shall be deemed a separate offense.\nThe proceeds of any penalty imposed by virtue of this chapter shall

by the insurer, producer, as the case may be, in violation of the provisions of this chapter, shall be deemed a separate offense.\nThe proceeds of any penalty imposed by virtue of this chapter shall be covered into the general funds of the Commonwealth of Puerto Rico.\nHistory —Ins. Code § 12.400; May 24, 1974, No. 46, Part 1, p. 200, § 4; June 4, 1983, No. 89, p. 211, § 6; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.