Iowa § 510.8 Penalties and liabilities

Iowa Statutes

§ 510.8 — Penalties and liabilities

Iowa § 510.8

Title XIIICOMMERCE

Ch. 510MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS

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Bluebook

Iowa Code § 510.8 (2026).

Text

1.If the commissioner finds, after a hearing conducted in accordance with chapter 17A, that any person has violated one or more provisions of this chapter, the commissioner may do one or more of the following:

a.For each separate violation, order the imposition of an administrative penalty of not more than ten thousand dollars.

b.Order the revocation or suspension of the producer’s license.

c.Bring a civil suit seeking reimbursement by the managing general agent of the insurer, the rehabilitator, or the liquidator of the insurer for any losses incurred by the insurer caused by a violation of this chapter committed by the managing general agent.

2.The decision, determination, or order of the commissioner pursuant to subsection 1 is subject to judicial review pursuant to chapter 17A. 3.

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1. If the commissioner finds, after a hearing conducted in accordance with chapter 17A,
that any person has violated one or more provisions of this chapter, the commissioner may
do one or more of the following:
a. For each separate violation, order the imposition of an administrative penalty of not
more than ten thousand dollars.
b. Order the revocation or suspension of the producer’s license.
c. Bring a civil suit seeking reimbursement by the managing general agent of the insurer,
the rehabilitator, or the liquidator of the insurer for any losses incurred by the insurer caused
by a violation of this chapter committed by the managing general agent.
2. The decision, determination, or order of the commissioner pursuant to subsection 1 is
subject to judicial review pursuant to chapter 17A.
3. This section does not affect the right of the commissioner to impose any other penalties
provided for under this subtitle.
4. This chapter is not intended to and shall not in any manner limit or restrict the rights
of policyholders, claimants, and auditors.