What is the penalty if the Commissioner finds someone unknowingly guilty of a violation?

In West Virginia, if the Commissioner determines that an individual is unknowingly guilty of a violation related to insurance laws, the penalty specified is $1,000 per violation. This penalty serves as a means of holding individuals accountable for infractions while also acknowledging that the violation was not committed with intent or knowledge of wrongdoing. Adopting a graduated approach to penalties helps protect consumers and maintain the integrity of the insurance system, while also allowing for leniency in cases where the party did not act with malice or intent to deceive.

Understanding this penalty structure is essential for those preparing for a career in insurance or studying West Virginia's regulatory environment, as it highlights the importance of knowledge and compliance within the industry.