§ 23-64-407 — Penalties for violations

(a) If the Insurance Commissioner finds after a hearing conducted in accordance with § 23-61-301 et seq. that any person has violated any provision of this subchapter, the commissioner may order: (1) For each separate violation, a penalty in an amount of two thousand dollars ($2,000) or, if the commissioner has found willful misconduct or willful violation, ten thousand dollars ($10,000); (2) Revocation or suspension of the managing general agent's license; and (3) 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 subchapter committed by the managing general agent. (b) The decision, determination, or order of the commissioner pursuant to subsection (a) of this section shall be subject to judicial review pursuant to § 23-61-307 . (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 subchapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.

Legislative History

Acts 1993, No. 1094, § 1; 1997, No. 1004, § 1.