District of Columbia § 31-1810 Penalties and liabilities.

District of Columbia Statutes

§ 31-1810 — Penalties and liabilities.

District of Columbia·Title 31 Insurance and Securities.·Ch. 18 Reinsurance Intermediaries.

(a)If the Mayor determines that the reinsurer intermediary or any other person has not materially complied with this chapter, or any regulation or order promulgated thereunder, after notice and opportunity to be heard, the Mayor may order:

(1)For each separate violation, a penalty in an amount not exceeding $10,000;

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

(3)If it was found that because of material noncompliance the insurer has suffered any loss or damage, the Commissioner may maintain a civil action brought by or on behalf of the insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the insurer and its policyholders and creditors, or other appropriate relief.

(b)If an order of rehabilitation or liquidation of

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(a) If the Mayor determines that the reinsurer intermediary or any other person has not materially complied with this chapter, or any regulation or order promulgated thereunder, after notice and opportunity to be heard, the Mayor may order:

(1) For each separate violation, a penalty in an amount not exceeding $10,000;

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

(3) If it was found that because of material noncompliance the insurer has suffered any loss or damage, the Commissioner may maintain a civil action brought by or on behalf of the insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the insurer and its policyholders and creditors, or other appropriate relief.

(b) If an order of rehabilitation or liquidation of the insurer has been entered pursuant to Chapter 13 of this title , and the receiver appointed under that order determines that the reinsurance intermediary or any other person has not materially complied with this chapter, or any regulation or order promulgated thereunder, and 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.

(c) Nothing contained in this section shall affect the right of the Mayor to impose any other penalties provided in District insurance law.

(d) Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights to those persons.

District of Columbia § 31-1810 (Penalties and liabilities.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Oct. 21, 1993, D.C. Law 10-47, § 11, 40 DCR 6093; Apr. 26, 1994, D.C. Law 10-103, § 6(b), 41 DCR 1005; Feb. 27, 1996, D.C. Law 11-90, §§ 4(b), 4(c), 42 DCR 7155; May 21, 1997, D.C. Law 11-268, § 10(bb), 44 DCR 1730