What is the maximum fine an insurer can face for violating the West Virginia Insurance Code?

The maximum fine an insurer can face for violating the West Virginia Insurance Code is set at up to $5,000 per violation. This amount reflects the state’s regulatory framework which imposes financial penalties to ensure compliance with insurance laws.

In the context of regulatory enforcement, these fines serve to deter non-compliance and encourage insurers to adhere to the standards established in the Insurance Code. The amount is significant enough to motivate insurers to follow the law, as repeated violations can accumulate to considerable financial penalties.

The other options reflect possible fines that may be seen in different contexts or jurisdictions but do not accurately represent the specified fine allowed under West Virginia's specific insurance regulations. The $5,000 fine aligns with the standards set forth in the state's legislative framework, ensuring that insurers are operating within lawful and ethical boundaries.