§ 56-6-811 — Violations - Penalties

(a) A reinsurance intermediary, insurer or reinsurer found by the commissioner, after a hearing conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, to be in violation of this part, shall: (1) For each separate violation, pay a 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 violation. (b) The decision, determination or order of the commissioner pursuant to subsection (a) shall be subject to judicial review in accordance with the Uniform Administrative Procedures Act. (c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in this title. (d) Nothing contained in this part 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.

Legislative History

Acts 1993, ch. 253, § 9.