What penalty can the Insurance Commissioner impose for unfair trade practices?

The Insurance Commissioner has the authority to impose monetary penalties for unfair trade practices. The correct choice reflects that the maximum penalty for each violation can be up to $5,000. This action is part of the regulatory framework designed to maintain ethical standards in the insurance industry and protect consumers.

It's important to note that these penalties serve as a deterrent against unfair practices, thereby promoting fairness and integrity in the marketplace. The ability to impose such fines helps the Commissioner enforce compliance with insurance laws and regulations.

The other options present amounts that do not align with the established statutory limits for penalties in Mississippi law regarding unfair trade practices. Therefore, only the specified amount of up to $5,000 per violation stands as the legally recognized limit for such offenses.