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Insurance Code | |
Insurer Receivership Act | |
Section 110 | Cooperation of officers, owners, and employees. |
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31A-27a-110. Cooperation of officers, owners, and employees. (1) As used in this section: (a) "Cooperate" includes to: (i) reply promptly in writing to an inquiry from the commissioner or receiver requesting a reply; and (ii) promptly make available to the commissioner or receiver any record, account, information, or property: (A) of or pertaining to the insurer; and (B) in the person's possession, custody, or control. (b) "Person" includes a person who exercises control directly or indirectly over activities of the insurer through: (i) a holding company; or (ii) other affiliate of the insurer. (2) The following shall cooperate with the commissioner or receiver in a proceeding under this chapter or an investigation preliminary to a proceeding under this chapter: (a) a present or former officer, manager, director, trustee, owner, or employee of an insurer; (b) a present or former agent of an insurer; or (c) a person with authority over or in charge of any segment of the insurer's affairs. (3) A person may not obstruct or interfere with the commissioner or receiver in the conduct of: (a) a delinquency proceeding; or (b) an investigation preliminary or incidental to a delinquency proceeding. (4) This section may not be construed to abridge otherwise existing legal rights, including the right to resist: (a) a petition for liquidation or other delinquency proceeding; or (b) other orders. (5) (a) A person described in Subsection (5)(b) is: (i) guilty of a class B misdemeanor, except that the fine may exceed $1,000 but may not exceed $10,000; or (ii) after a hearing, subject to: (A) the commissioner imposing a civil penalty that may not exceed $10,000; (B) the revocation or suspension of an insurance license issued by the commissioner; or (C) a combination of Subsections (5)(a)(ii)(A) and (B). (b) This Subsection (5) applies to: (i) a person described in Subsection (2) who fails to cooperate with the commissioner or receiver; (ii) a person who obstructs or interferes with the commissioner or receiver in the conduct of a delinquency proceeding or an investigation preliminary or incidental to a delinquency proceeding; or (iii) a person who violates an order validly issued under this chapter.
Enacted by Chapter 309, 2007 General Session |
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