What is the fine for an individual who violates a cease and desist order issued by the State Corporation Commission?

The fine for an individual who violates a cease and desist order issued by the State Corporation Commission is established as $5,000. This amount is significant because it reflects the seriousness with which the State Corporation Commission treats violations of its orders. A cease and desist order is a legal directive intended to stop unlawful activity, and failing to comply can result in substantial penalties to deter non-compliance.

The rationale behind the specific amount of $5,000 is to provide a strong enforcement mechanism that reinforces the authority of regulatory bodies. This penalty structure serves to protect consumers and ensure that businesses operate within the confines of the law, maintaining the integrity of the insurance industry in Virginia.

Understanding the implications of this fine is crucial for individuals and entities operating in the insurance space, as it emphasizes the need to adhere to regulatory directives and the consequences of failing to do so.