Utah Statutes
§ 31A-23a-605 — Penalties and liabilities.
Utah·Title 31A Insurance Code·Ch. 31A-23a Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries·Part 31A-23a-6 Managing General Agents
(1)If the commissioner finds after a hearing that any person has violated any provision of this part, the commissioner may order:
(1)(a) for each separate violation, a penalty in an amount of $5,000;
(1)(b) revocation or suspension of the producer's license; and
(1)(c) the managing general agent to reimburse the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the insurer caused by the managing general agent's violation.
(2)Nothing contained in this section affects the right of the commissioner to impose any other penalties provided for in this title.
(3)Nothing contained in this part is intended to, or in any manner limits or restricts the rights of policyholders, claimants, and auditors.
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Legislative History
Renumbered and Amended by Chapter 298, 2003 General Session
Nearby Sections
15
§ 31A-1-101
Short title.§ 31A-1-102
Purposes.§ 31A-1-103
Scope and applicability of title.§ 31A-1-104
Authorization to do insurance business.§ 31A-1-105
Presumption of jurisdiction.§ 31A-1-106
Residual unlicensed domestic insurers.§ 31A-1-107
Licensees under former Title 31.§ 31A-1-108
Corporations in the process of organizing.§ 31A-1-109
Name of licensee.§ 31A-1-110
Scope of a license.§ 31A-1-201
Construction.§ 31A-1-202
Effect of repeal of former provisions.§ 31A-1-203
Interpretive rules.§ 31A-1-205
Severability.§ 31A-1-301
Definitions.