§ 56-6-507 — Violations of provisions of part - Penalties

(a) If the commissioner finds, after a hearing conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, that any person has violated this part, the commissioner may order: (1) For each separate violation, a penalty in an amount of five thousand dollars ($5,000); (2) Revocation or suspension of the producer's license; and (3) The MGA to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this part committed by the MGA. (b) The decision, determination or order of the commissioner pursuant to subsection (a) is subject to judicial review pursuant to the Uniform Administrative Procedures Act and state insurance law. (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 part is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and auditors.

Legislative History

Acts 1991, ch. 142, § 7.