Title 31A Chapter 23a Section 605

Insurance Code
Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries
Section 605
Penalties and liabilities.

            

31A-23a-605.   Penalties and liabilities.

            (1) If the commissioner finds after a hearing that any person has violated any provision of this part, the commissioner may order:

            (a) for each separate violation, a penalty in an amount of $5,000;

            (b) revocation or suspension of the producer's license; and

            (c) the managing general agent to reimburse the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the insurer caused by the managing general agent's violation.

            (2) Nothing contained in this section affects the right of the commissioner to impose any other penalties provided for in this title.

            (3) Nothing contained in this part is intended to, or in any manner limits or restricts the rights of policyholders, claimants, and auditors.


Renumbered and Amended by Chapter 298, 2003 General Session