What is the maximum monetary penalty for each violation of a cease and desist order?

The correct answer is that the maximum monetary penalty for each violation of a cease and desist order is up to $11,500. This figure reflects regulatory standards that aim to enforce compliance within the insurance industry and protect consumers from unfair practices. Cease and desist orders are issued to prevent individuals or entities from engaging in activities that are found to be harmful or illegal within the realm of insurance operations. By imposing a significant financial penalty for violations, regulators ensure that there is a serious deterrent against non-compliance. The specified amount serves as a reminder of the importance of adhering to lawful practices and the authority of regulatory bodies in maintaining the integrity of the insurance marketplace.