§ 1611. Penalties and liabilities.
195 words·~1 min read·
/de/title-18/chapter-16-reinsurance-intermediary-act/1611·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A reinsurance intermediary, insurer or reinsurer found by the Commissioner after a hearing conducted in accordance with the Administrative Procedures Act [Chapter 101 of Title 29] to be in violation of any provision(s) of this chapter shall:
(1)For each separate violation, pay a penalty in an amount not exceeding $15,000;
(2)Be subject to revocation or suspension of its license; and
(3)If a violation was committed by the reinsurance intermediary, such 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 such violation.
(b)The decision, determination or order of the Commissioner pursuant to subsection
(a)of this section shall be subject to judicial review pursuant to the Administrative Procedures Act [Chapter 101 of Title 29].
(c)Nothing contained in this section shall affect the right of the Commissioner to impose any other penalties provided in the Insurance Law.
(d)Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons.