§ 27-72-16. Penalties.
(a) It is a violation of this chapter for any person, provider, broker, or any other party related to the business of life settlements, to commit a fraudulent life settlement act.
(b) For criminal liability purposes, a person that commits a fraudulent life settlement act is guilty of committing insurance fraud and shall be subject to additional penalties under § 27-54-1 et seq.
(c) The commissioner shall be empowered to levy a civil penalty not exceeding one thousand dollars ($1,000) and the amount of the claim for each violation upon any person, including those persons and their employees licensed pursuant to this chapter, who is found to have committed a fraudulent life settlement act or violated any other provision of this chapter.
(d) The license of a person licensed under this chapter that commits a fraudulent life settlement act shall be revoked.
History of Section.P.L. 2009, ch. 195, § 1; P.L. 2009, ch. 262, § 1.
Structure Rhode Island General Laws
Chapter 27-72 - Life Settlements Act
Section 27-72-2. - Definitions.
Section 27-72-3. - Licensing requirements.
Section 27-72-4. - License suspension, revocation or refusal to renew.
Section 27-72-5. - Contract requirements.
Section 27-72-6. - Reporting requirements and privacy.
Section 27-72-7. - Examination.
Section 27-72-8. - Advertising.
Section 27-72-9. - Disclosures to owners.
Section 27-72-10. - Disclosure to insurer.
Section 27-72-11. - General rules.
Section 27-72-12. - Authority to promulgate regulations — Conflict of laws.
Section 27-72-13. - Prohibited practices.
Section 27-72-14. - Fraud prevention and control.
Section 27-72-15. - Injunctions — Civil remedies — Cease and desist.
Section 27-72-16. - Penalties.