What is the maximum penalty for a violation related to premium financing without the proper license?

The maximum penalty for a violation related to premium financing without the proper license is set at fines up to $10,000. This amount reflects the seriousness of the offense, acknowledging that premium financing is a critical component of insurance transactions. Operating without the appropriate licensing could lead to significant financial harm to consumers and undermine the integrity of the insurance system. By imposing a substantial penalty, the regulations aim to deter individuals and entities from engaging in such practices without proper oversight and certification, thereby protecting the interests of both consumers and the industry as a whole.