In cases of repeated violations, what is a potential daily cost an insurer may incur under Hawaii law?

The potential daily cost that an insurer may incur under Hawaii law in cases of repeated violations is set at 10,000 dollars. This high penalty reflects Hawaii's strict regulatory framework aiming to ensure compliance and protect consumers from unethical practices by insurers.

The rationale behind this amount is to deter insurers from committing violations by imposing significant financial consequences. Such penalties serve as a strong incentive for insurers to adhere to the rules and maintain ethical standards in their operations. This approach is critical in upholding the integrity of the insurance market and providing assurance to policyholders that their rights and interests are being respected and protected.

By establishing this level of financial risk, regulators encourage insurance companies to invest in compliance programs and internal checks to prevent violations, thereby fostering a more responsible and consumer-oriented insurance industry in Hawaii.