What is the maximum fine if your records are not available for the Commissioner?

In Washington, if a surplus lines broker fails to provide records upon the request of the Commissioner, the maximum fine stipulated is $500. This penalty serves as a deterrent to ensure compliance with regulatory requirements and to promote accountability among brokers. Maintaining proper records is essential for the transparency and integrity of the insurance market, and the fine reflects the importance placed on these practices by regulatory authorities. Understanding this maximum penalty helps brokers appreciate the significance of keeping accurate and readily accessible records, which is crucial for both operational compliance and the protection of consumers.