If a violation is committed knowingly, what is the fine cap per violation?

If a violation is committed knowingly, the fine cap per violation is set at $25,000. This amount reflects the seriousness with which regulatory bodies view willful violations of insurance laws and regulations. By imposing a significant fine for knowing violations, the intent is to deter individuals and entities from engaging in unlawful behavior that compromises the integrity of the insurance market.

The amount also serves as a reminder for insured parties and insurance professionals to adhere strictly to regulations and to maintain ethical standards in their practices. This cap is particularly relevant in the context of protecting consumers and ensuring that those who operate in the insurance industry do so with transparency and accountability. Understanding the consequences of knowingly violating regulations is crucial for compliance professionals in the insurance sector, making it essential knowledge for anyone working in Tennessee's property and casualty insurance market.