Every insurer that commits any of the following acts is guilty of a public offense and punishable by fine not exceeding ten thousand dollars: (a) Selling or causing to be issued a security contrary to the provisions of this article or not in conformity with the permit of the commissioner. (b) Applying any of the proceeds of sale of a security to any purpose other than as specified in the permit, or to a purpose specified in the permit, but in excess of the amount limited for that purpose.
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