What does the penalty structure under Hawaii Insurance Code aim to enforce?

The penalty structure under the Hawaii Insurance Code is designed to ensure compliance with insurance laws. This framework establishes consequences for violations of regulatory standards and dictates the appropriate actions that insurance companies and agents must follow in order to protect consumers and maintain market integrity. By imposing penalties, the Code incentivizes adherence to legal requirements and helps create a fair and orderly insurance environment, ensuring that all entities operate within the established guidelines. This emphasis on compliance helps to uphold consumer trust in the insurance industry and mitigate practices that may harm policyholders.