§ 1807. Penalties and liabilities.

171 words·~1 min read·/de/title-18/chapter-18-managing-general-agents-act/1807

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)If the Commissioner finds after a hearing conducted in accordance with the Administrative Procedures Act [Chapter 100 of Title 29] that any person has violated any provision or provisions of this chapter, the Commissioner may order:

(1)For each separate violation, a penalty in an amount of $15,000;

(2)Revocation or suspension of the producer’s license; and

(3)The MGA to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this chapter committed by the MGA.

(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 100 of Title 29].

(c)Nothing contained in this section shall affect the right of the Commissioner to impose any other penalties provided for 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 and auditors.