Colorado § 10-4-1204 Penalties

Colorado Statutes

§ 10-4-1204 — Penalties

Colorado·Title 10 Insurance·Art. Property and Casualty Insurance

(1)(a) If the commissioner believes that the controlling producer or any other person has not materially complied with this part 12 or with any regulation or order promulgated pursuant thereto, after notice and opportunity to be heard, the commissioner may order the controlling producer to cease placing business with the controlled insurer.

(b)If it was found that, because of such material noncompliance, the controlled insurer or any policyholder thereof has suffered any loss or damage, the commissioner may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or for other appropriate relief.

(2)If an order for liquidation or rehabilitation of

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(1) (a) If the commissioner believes that the
controlling producer or any other person has not materially complied with this part
12 or with any regulation or order promulgated pursuant thereto, after notice and
opportunity to be heard, the commissioner may order the controlling producer to
cease placing business with the controlled insurer.

(b) If it was found that, because of such material noncompliance, the
controlled insurer or any policyholder thereof has suffered any loss or damage, the
commissioner may maintain a civil action or intervene in an action brought by or on
behalf of the insurer or policyholder for recovery of compensatory damages for the
benefit of the insurer or policyholder or for other appropriate relief.

(2) If an order for liquidation or rehabilitation of the controlled insurer has
been entered pursuant to part 5 of article 3 of this title, and the receiver appointed
under such order believes that the controlling producer or any other person has not
materially complied with this part 12 or with any regulation or order promulgated
pursuant thereto and that, as a result, the insurer suffered any loss or damage, the
receiver may maintain a civil action for recovery of damages or other appropriate
sanctions for the benefit of the insurer.

(3) Nothing contained in this section shall affect the right of the
commissioner to impose any other penalties provided for in the laws of this state
governing insurance.

(4) Nothing contained in this section is intended to or shall in any manner
alter or affect the rights of policyholders, claimants, creditors, or other third
parties.

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