What is the maximum prison sentence given under federal law for unfair and deceptive insurance practices?

Under federal law, the maximum prison sentence for unfair and deceptive insurance practices is indeed 15 years. This is established under the Violent Crime Control and Law Enforcement Act of 1994, which addressed various forms of fraud, including those within the insurance industry. The law emphasizes the government's commitment to combatting insurance fraud, considering it a serious offense that can lead to substantial financial losses for individuals and companies.

The 15-year maximum penalty serves to deter potential offenders from engaging in deceitful practices, ensuring that the insurance industry operates with fairness and integrity. This framework is critical as it not only protects consumers but also maintains the stability and trustworthiness of the insurance market, especially given the complexity and importance of insurance products in people's lives.