State RegulationsFL specificDifficulty 1/5
Under Fla. Stat. 624.4211, the administrative penalty that Florida may impose on an insurer in lieu of revoking its certificate of authority is, per violation, up to
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under Fla. Stat. 624.4211, Florida may accept from an insurer an administrative penalty of up to $12,500 per nonwillful violation or $100,000 per willful violation (aggregated at $50,000/$500,000 for the same action) in lieu of revocation, together with restitution bearing 12% annual interest. Chapter 2023-172 raised these from $5,000/$40,000 to $12,500/$100,000, so the current figures are the ones that apply.
Why the other options are wrong
- B) $5,000/$40,000 are the pre-2023 amounts; chapter 2023-172 raised them to $12,500/$100,000.
- C) $50,000/$500,000 are the same-action aggregate ceilings, not the per-violation amounts.
- D) $187,500 is the fine tier for forged-signature and willful twisting violations, and restitution is part of the 624.4211 package.
Memory hook
Insurer penalty in lieu of revocation: $12.5K/$100K plus 12% restitution interest.