When the Attorney General seeks action in forfeiture against an insurer for violation of Hawaii's insurance laws, what is the daily penalty for the violation?

The daily penalty for violations of Hawaii's insurance laws, when the Attorney General seeks action in forfeiture against an insurer, is set at $10,000. This amount underscores the state’s commitment to maintaining a regulated insurance market and ensuring compliance with established laws designed to protect consumers and uphold the integrity of the industry.

This penal amount can act as a deterrent against violations, emphasizing the seriousness with which such transgressions are treated. In the context of Hawaii’s insurance regulations, a $10,000 daily penalty reflects both the potential severity of the violation and the goal of fostering responsible business practices among insurers. The structuring of financial repercussions in this manner demonstrates a clear framework that outlines the consequences of non-compliance, ensuring that insurers are held accountable for their actions within the state's jurisdiction.