What is the maximum fine for a broker who fails to notify about a name or address change if the act is willful?

The maximum fine of $5,000 for a broker who willfully fails to notify the appropriate authorities about a name or address change reflects the state's emphasis on maintaining accurate and up-to-date records for regulatory compliance. This provision is designed to ensure that licensed brokers are held accountable for keeping their information current, which is essential for effective oversight and communication within the insurance market.

This penalty serves not only as a deterrent to negligence but also as a means of protecting consumers and maintaining trust in the insurance profession. It emphasizes the importance of diligent communication and the responsibilities brokers have towards their clients and regulatory bodies. Thus, the $5,000 fine aligns with the serious nature of willful non-compliance in the insurance industry.