§ 27-51-7. Penalties and liabilities.
(a) If the commissioner finds after a hearing conducted in accordance with the Administrative
Procedures Act, chapter 35 of title 42, that any person has violated any provision(s) of this chapter, the commissioner
may order:
(1) For each separate violation, a penalty in an amount not exceeding one thousand dollars
($1,000);
(2) Revocation or suspension of the producer's license. If it was found that because of
material noncompliance the insurer has suffered any loss or damage, the commissioner
may maintain a civil action
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§ 27-51-7. Penalties and liabilities.
(a) If the commissioner finds after a hearing conducted in accordance with the Administrative
Procedures Act, chapter 35 of title 42, that any person has violated any provision(s) of this chapter, the commissioner
may order:
(1) For each separate violation, a penalty in an amount not exceeding one thousand dollars
($1,000);
(2) Revocation or suspension of the producer's license. 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 applicable Rhode Island law and the receiver appointed under that order determines
that the MGA or any other person has not materially complied with this chapter, or
any regulation or order promulgated pursuant to this chapter, and the insurer suffered
any loss or damage from the noncompliance, 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 commissioner to impose
any other penalties provided for in the insurance law.
(d) Nothing contained in this chapter is intended to or shall in any manner limit or restrict
the rights of policyholders, claimants, and auditors.