What is the administrative fee for failing to notify the commissioner of a licensee's address change within the specified time frame?

The administrative fee for failing to notify the commissioner of a licensee's address change within the specified time frame is set at $50. This amount is established to encourage licensees to keep their contact information updated, which is crucial for effective communication between the licensee and the regulatory body. Timely notification helps ensure that all parties can fulfill their obligations and that the licensee remains in good standing.

Failing to adhere to this requirement may lead to penalties, as maintaining accurate and current records is a core responsibility of anyone engaged in insurance practices. The administrative fee acts as a deterrent to minimize instances of non-compliance and to enforce discipline in administrative matters associated with licensing.