Section 63. Guaranteed Asset Protection Waivers, 33-63-1 through 33-63-9.
ARTICLE 4
LIQUIDATION PROCEEDINGS
33-63-9. Commissioner of Insurance to enforce provisions; penalty for violations.
The Commissioner of Insurance may take action which is necessary or appropriate to enforce the provisions of this chapter and to protect guaranteed asset protection waiver holders in this state. After proper notice and opportunity for hearing, the commissioner may:
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Order the creditor, administrator, or any other person not in compliance with this chapter to cease and desist from further guaranteed asset protection waiver related operations which are in violation of this chapter; and
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Impose a penalty of not more than $500.00 per violation and not more than $10,000.00 in the aggregate for all violations of similar nature. For purposes of this paragraph, violations must be of a similar nature if the violation consists of the same or similar course of conduct, action, or practice, irrespective of the number of times the conduct, action, or practice which is determined to be a violation of this chapter occurred.
(Code 1981, §33-63-9, enacted by Ga. L. 2008, p. 1097, § 1/SB 470.)
