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Transacting insurance without a proper license can lead to severe penalties such as fines, license suspensions, and even imprisonment.
Penalty for transacting insurance without a proper license is a serious offense with legal consequences. Among the options provided, a ban on selling insurance up to 5 years is NOT typically a penalty for unlicensed insurance transactions. However, the other consequences such as a fine up to $10,000, a license suspension, and an imprisonment up to 2 years are common penalties imposed by regulatory bodies or the law.
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