20:06:01:02Determination of penalty amount.

In determining the penalty for a violation of an insurance law by an agent, broker, or insurer, the director may consider, but is not limited to, the following factors: (1) Prior violations of the law by the agent, broker, or insurer; (2) Number of violations of a statute; (3) Number of statutes violated; (4) Penalties assessed against other agents, brokers, or insurers for the same violations; (5) Magnitude of the harm to the public and insured; and (6) Any mitigating circumstances.

Source: 15 SDR 143, effective March 29, 1989; 16 SDR 208, effective June 3, 1990; 31 SDR 21, effective August 23, 2004.