What is the fine limit for a broker found in violation of the Unfair Trade Practices Act?

The fine limit for a broker found in violation of the Unfair Trade Practices Act is set at no more than $2,500. This provision serves as a deterrent against unethical practices in the insurance industry, ensuring that brokers adhere to fair trading standards and maintain the integrity of the market.

The emphasis on a specific monetary limit reflects legislative intent to balance punitive measures with the potential impact on individuals and businesses involved in brokerage activities. It is crucial to enforce such regulations to protect consumers and maintain fair competition within the market.

While other options suggest different limits or no fines at all, they do not align with the established legal framework regarding penalties for violations of the Unfair Trade Practices Act. This framework is pivotal in ensuring accountability among insurance brokers, thereby fostering trust in the industry.