SECTION 18. Penalties; violations of cease and desist orders

(a) In any case where a hearing pursuant to section fifteen results in the findings of a knowing violation of this chapter, the commissioner may, in addition to the issuance of a cease and desist order as prescribed in section seventeen, order payment of a monetary penalty of not more than one thousand dollars for each such violation; provided, however, that:

(1) in a hearing to which an insurance representative is a party, the monetary penalty imposed against such insurance representative shall not exceed ten thousand dollars in the aggregate for multiple violations; and

(2) in a hearing to which an insurance institution or insurance-support organization is a party, the monetary penalty imposed against such insurance institution or insurance-support organization shall not exceed fifty thousand dollars in the aggregate for multiple violations.

(b) Any person who violates a cease and desist order of the commissioner under section seventeen may, after notice and hearing and upon order of commissioner, be subject to one or more of the following penalties, at the discretion of the commissioner:

(1) a monetary fine of not more than ten thousand dollars for each such violation;

(2) a monetary fine of not more than fifty thousand dollars if the commissioner finds that such violation has occurred with such frequency as to constitute a general business practice; or

(3) suspension or revocation of an insurance institution's or insurance representative's license.