Section 637 - Penalty for issuing other than standard fire policiesUpon satisfactory evidence that any person, corporation, or insurance company, association or exchange has issued, or caused to be issued, any policy or contract of fire insurance on property situated in this Commonwealth contrary to the provisions of section 506 of this act, the Insurance Commissioner may, in his discretion, take, against the offending party, any one or more of the following courses of actions:
(1) Suspend or revoke the license of such offending person, corporation, or insurance company, association or exchange; (2) refuse, for a period of not to exceed one year thereafter, to issue a new license to such offending person, corporation, or insurance company, association or exchange; (3) impose a penalty of not more than one thousand dollars ($1,000) for each act of violation of said section. Any person, corporation, or insurance company, association or exchange that shall, either as principal or agent, wilfully issue, or cause to be issued, any policy or contract of fire insurance on property situated within this Commonwealth contrary to the provisions ofsection 506 of this act, shall be guilty of a misdemeanor, and, upon conviction thereof, shall be sentenced to pay a fine not exceeding five hundred dollars ($500). Any policy issued in violation of this act shall nevertheless be construed in accordance with the provisions of this act.1921, May 17, P.L. 682, § 507, added 1961, Aug. 23, P.L. 1081, § 1. Affected 1978, April 28, P.L. 202, No. 53, § 2(a) [1048] effective 6/27/1978.