33-2-1709. Penalties and liabilities.
182 words·~1 min read·
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33-2-1709 . Penalties and liabilities.
(a)A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with Title 33, chapter 1, part 7, to be in violation of any provision of 33-2-1701 through 33-2-1708 :
(i)shall, for each separate violation, pay a penalty in an amount not to exceed $5,000; and
(ii)is subject to revocation or suspension of its license.
(b)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)The order of the commissioner pursuant to subsection
(1)is subject to judicial review pursuant to Title 33, chapter 1, part 7.
(3)This section does not limit the authority of the commissioner to impose any other penalties provided in the insurance law.
(4)Sections 33-2-1701 through 33-2-1708 do not limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights upon those persons.