Section 223D. (a) If a person is found guilty of committing a fraudulent life settlement act, that person shall also be guilty of committing insurance fraud and shall be subject to additional penalties.

(b) The commissioner may levy a civil penalty, not to exceed $10,000 for each violation, upon any person, including those persons and their employees licensed pursuant to sections 213 to 223E, inclusive, who is found to have committed a fraudulent life settlement act or violated any other provision of sections 213 to 223E, inclusive.

(c) The license of a person licensed under sections 213 to 223E, inclusive, that has committed a fraudulent life settlement act shall be revoked for at least 1 year.