Any insurer who engages in the insurance business and violates the code with respect to insurance replacement shall on the first violation.
a) be fined a sum of $10,000.
b) be fined a sum no less than $30,000 and no more than $300,000.
c) have his/her license suspended.
d) be fined a sum of $1,000.

A) Be fined a sum of $10,000

Explanation:

The  insurer will be fined a sum of $10,000 for the first violation.

And if the insurer repeats the violation the insurer will be liable for penalties of no less than $30,000 and no more than $300,000. Any insurance agent who commits a knowing or repeated violation of the code with respect to insurance replacement, the insurance agent shall be liable for penalties of no less than $5.000 and no more than $50,000 for each violation. Any agent who violates the replacement provision of the code will be fined $1,000.

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