What is the maximum fine for unfair discrimination in insurance ratings based on age?

The maximum fine for unfair discrimination in insurance ratings based on age is indeed set at 500 dollars. This amount reflects the regulatory framework designed to deter insurers from engaging in unfair practices that could lead to discriminatory pricing or policies, which could disproportionately affect certain age groups. The intention behind this fine is to promote fairness and equity in insurance ratings, ensuring that all policyholders are treated justly without bias due to age.

Other amounts mentioned do not align with the established regulations regarding fines for such discriminatory practices, as they exceed the maximum fine intended for this particular violation. By setting the fine at 500 dollars, the regulatory body aims to maintain an effective balance between enforcing compliance and providing a clear consequence for unfair treatment in the insurance market.