If someone is found knowingly guilty of a violation, what is the penalty imposed?

In the context of West Virginia insurance laws, if an individual is found knowingly guilty of a violation, a penalty of $5,000 per violation is established. This penalty serves as a deterrent against misconduct and ensures compliance with insurance regulations. Over time, such monetary penalties contribute to maintaining the integrity of the insurance industry within the state, emphasizing the importance of ethical conduct among insurers and agencies.

Furthermore, this approach aligns with regulatory principles that impose significant financial consequences for negligent or willfully noncompliant behavior, which can protect consumers and uphold industry standards. Thus, the $5,000 penalty reflects a balance between encouraging best practices and holding accountable those who violate the law knowingly.