(a) If the Commissioner determines that the title insurer or any other person has violated this chapter, or any rule or order promulgated under this chapter, after notice and opportunity to be heard, the Commissioner may order:
(1) A penalty not exceeding $2,500 for the 1st violation;
(2) A penalty not exceeding $5,000 for each successive violation; and
(3) Revocation or suspension of the title insurer’s license.
(b) This section shall affect the right of the Commissioner to impose any other penalties provided for in any acts relating to insurance which are codified in this title.
(Sept. 24, 2010, D.C. Law 18-223, § 2162, 57 DCR 6242.)
For temporary (90 day) addition, see § 2162 of Fiscal Year 2011 Budget Support Emergency Act of 2010 (D.C. Act 18-463, July 2, 2010, 57 DCR 6542).
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 50A - Title Insurance Insurers
§ 31–5031.02. Licensing needed to transact business
§ 31–5031.03. Authorized activities of title insurers
§ 31–5031.04. Limitations on powers
§ 31–5031.05. Minimum capital and surplus requirements
§ 31–5031.06. Single risk limit
§ 31–5031.07. Admitted asset standards
§ 31–5031.09. Liquidation, dissolution, or insolvency
§ 31–5031.10. Restrictions on dividends
§ 31–5031.11. Diversification requirement
§ 31–5031.12. Direct operations and policyholder treatment
§ 31–5031.13. Duties of title insurers utilizing the services of title insurance producers
§ 31–5031.14. Conditions for maintaining escrow and indemnity deposit accounts
§ 31–5031.15. Prohibition of rebate and fee splitting
§ 31–5031.16. Favored producer of title insurer; buyer’s right to choose
§ 31–5031.17. Premium rate filings and standards
§ 31–5031.19. Filing by rating bureaus
§ 31–5031.20. Record retention requirements
§ 31–5031.21. Penalties and liabilities
§ 31–5031.22. Violations of Real Estate Settlement Procedures Act (“RESPA”)