26-46-106. Penalties and liabilities.
150 words·~1 min read·
/wy/title-26-insurance-code/chapter-46-managing-general-agents/26-46-106·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 W.S. 26-2-125 that any person has violated any provision of this article, the commissioner may order:
(i)For each separate violation, a civil penalty not to exceed five thousand dollars ($5,000.00);
(ii)For any agent or broker violating this article, revocation or suspension of the agent's or broker's license; and
(iii)The managing general agent to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this article committed by the managing general agent.
(b)Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for by this code.
(c)Nothing contained in this article is intended to or shall in any manner limit or restrict the rights of the policyholders, claimants and creditors or other third parties.