2730

Any person who furnishes information verbally or in writing, or offers any testimony on improper or illegal actions which, due to their nature constitute fraudulent acts in the insurance business, knowing that the facts are false shall incur a felony and, upon conviction, shall be punished by a fine of not less than five thousand dollars ($5,000), nor more than ten thousand dollars ($10,000) for each violation or by imprisonment for a fixed term of three (3) years, or both penalties. Should aggravating circumstances be present, the fixed penalty thus established may be increased to maximum of five (5) years; if extenuating circumstances are present, it may be reduced to a minimum of two (2) years.\nHistory —Ins. Code, added as § 27.300 on Jan. 8, 2004, No. 18, § 5; renumbered as § 27.310 on Jan. 19, 2006, No. 10, § 4; renumbered as § 27.220 and amended on Aug. 9, 2008, No. 230, § 22, eff. 90 days after Aug. 9, 2008.