Final answer:
Agents or brokers who fail to comply with an order to complete records may face up to $5,000 in fines and the suspension or revocation of their license. Jail time and commission reductions are not typical consequences for this type of non-compliance in the insurance industry. Option A is correct.
Step-by-step explanation:
When an insurance agent or broker does not comply with an order to establish and complete records within 60 days, they may be subject to several consequences by the insurance commissioner. Fines could be imposed, which might increase up to $5,000. Additionally, there could be administrative actions, such as the suspension or revocation of their license to operate. It is important to note that a mandatory jail sentence of 30 days is typically not a repercussion for this non-compliance in the insurance field.
Similarly, a reduction of future commissions is not a standard penalty for failure to comply with record-keeping orders. It is critical for agents and brokers to adhere to regulations to avoid such penalties and maintain good standing with the insurance commissioner's office.