31A-23a-809. Penalties and liabilities.
(1) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a
hearing conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act, to be
in violation of any provisions of this title, shall:
(a) for each separate violation, pay a civil penalty in an amount not exceeding $5,000;
(b) be subject to revocation or suspension of its license; and
(c) if a violation was committed by the reinsurance intermediary, the reinsurance
intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the
insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the
violation.
(2) Nothing contained in this section affects the right of the commissioner to impose any
other penalties provided in this title.
(3) Nothing contained in this part is intended to, or in any manner limits or restricts the
rights of policyholders, claimants, creditors, or other third parties; nor does it confer any rights to
such persons.
Amended by Chapter 382, 2008 General Session
Download Code Section Zipped WordPerfect 31A23a080900.ZIP 2,163 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Thursday, May 28, 2009