26.1-30.1-08. Penalties

26.1-30.1-08. Penalties 1. A violation of any of the provisions of sections 26.1-30.1-01 through 26.1-30.1-07 must be deemed an unfair trade practice in the business of insurance and subject the violator to a penalty as determined by the commissioner not exceeding one thousand dollars for each and every act or violation. After three violations of any of the provisions of sections 26.1-30.1-01 through 26.1-30.1-07 within a twelve-month period, and after a hearing upon fifteen days' notice, the commissioner may revoke the license to transact business in this state of any insurance organization that committed such violations. 2. All notices required by this chapter must be made by first-class mail addressed to the policyholder's last-known address as stated in the policy. Notice by first-class mail is effective upon deposit in the United States mail. In addition to giving notice to the policyholder, the insurer shall also give notice to the agent of record, if any, in the manner specified for the policyholder.