Indiana § 27-6-9-25 Violations; penalties; review; effect on third parties

Indiana Statutes

§ 27-6-9-25 — Violations; penalties; review; effect on third parties

Indiana·Title 27 INSURANCE·Art. 6 REINSURANCE; INTERINSURANCE;·Ch. 9 Reinsurance Intermediaries

(a)A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with IC 4-21.5, to be in violation of any provision of this chapter, shall:

(1)for each separate violation, pay an administrative penalty in an amount not exceeding five thousand dollars ($5,000);

(2)be subject to revocation or suspension of its license; and

(3)if a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the reinsurance intermediary's violation.

(b)The decision, determination, or order of the commissioner pursuant to subsection (a) is subject to

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(a) A reinsurance intermediary, insurer, or
reinsurer found by the commissioner, after a hearing conducted in
accordance with IC 4-21.5, to be in violation of any provision of this
chapter, shall:
(1) for each separate violation, pay an administrative penalty in an
amount not exceeding five thousand dollars ($5,000);
(2) be subject to revocation or suspension of its license; and
(3) if a violation was committed by the reinsurance intermediary,
the reinsurance intermediary shall make restitution to the insurer,
reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for
the net losses incurred by the insurer or reinsurer attributable to
the reinsurance intermediary's violation.
(b) The decision, determination, or order of the commissioner
pursuant to subsection (a) is subject to judicial review pursuant to IC 4-21.5.
(c) Nothing contained in this section shall affect the right of the
commissioner to impose any other penalties provided by 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 upon those persons.

Indiana § 27-6-9-25 (Violations; penalties; review; effect on third parties) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.