What maximum fine can be issued for a willful violation of the insurance code in North Dakota?

The maximum fine for a willful violation of the insurance code in North Dakota is set at $50,000. This amount reflects the state's commitment to enforcing compliance within the insurance industry and ensuring that all parties adhere to established regulations. Willful violations typically involve deliberate actions that disregard the law or regulations, leading to a higher penalty compared to non-willful violations.

In this context, the significance of the $50,000 fine serves as both a deterrent and a means to protect consumers and maintain the integrity of the insurance market. This amount is designed to be substantial enough to discourage entities from engaging in practices that could harm policyholders or the overall insurance framework.

Other options present different penalty amounts, but $50,000 is specified in North Dakota law as the cap for willful violations, ensuring clear consequences for serious breaches of the insurance code.