(a) The Commissioner shall have the power to examine and investigate any person engaged in the business of insurance in this State in order to determine whether that person has been or is engaged in any unfair method of competition or in any unfair or deceptive act or practice.

(b) Any person violating any of the provisions of this chapter may be subject to an administrative penalty of not more than $1,000.00 for each violation. The Commissioner may impose an administrative penalty of not more than $10,000.00 each for those violations the Commissioner finds were wilful. The Commissioner may suspend or revoke the license of any insurer or organization for any violation of this chapter or the failure to comply with an order of the Commissioner issued under this chapter.

(c) The powers vested in the Commissioner by this chapter shall be in addition to any other powers to enforce any penalties, fines, or forfeitures authorized by law with respect to the methods, acts, and practices hereby declared to be unfair or deceptive. (Amended 1973, No. 216 (Adj. Sess.), § 6, eff. May 1, 1974; 1979, No. 28 § 6; 1995, No. 167 (Adj. Sess.), § 19, eff. May 15, 1996.)