Sec. 38a-760j. Material noncompliance. Revocation or suspension of license. Rehabilitation or liquidation orders. Civil action. Recovery of damages or other appropriate relief.
Sec. 38a-760j. Material noncompliance. Revocation or suspension of license.
Rehabilitation or liquidation orders. Civil action. Recovery of damages or other
appropriate relief. (a) If the commissioner determines that the reinsurance intermediary
or any other person has not materially complied with the provisions of sections 38a-760 to 38a-760i, inclusive, or any regulation or order promulgated thereunder, after
notice and opportunity to be heard, the commissioner may order revocation or suspension of the reinsurance intermediary's license.
(b) If it has been determined that because of such material noncompliance the insurer
or reinsurer has suffered any loss or damage, the commissioner may maintain a civil
action brought by or on behalf of the reinsurer or insurer and its policyholders and
creditors for recovery of compensatory damages for the benefit of the reinsurer or insurer
and its policyholders or creditors or seek other appropriate relief.
(c) If an order of rehabilitation or liquidation of the insurer has been entered pursuant
to section 38a-915 or section 38a-920 and the receiver appointed under that order determines that the reinsurance intermediary or any other person has not materially complied
with sections 38a-760 to 38a-760i, inclusive, or any regulation or order promulgated
thereunder, and the insurer suffered any loss or damage therefrom, the receiver may
maintain a civil action for recovery of damages or other appropriate relief for the benefit
of the insurer and its policyholders and creditors.
(d) Nothing in this section shall affect the right of the commissioner to impose any
other penalties provided for in this title.
(e) Nothing contained in sections 38a-760 to 38a-760i, inclusive, is intended to or
shall in any manner limit or restrict the rights of policyholders, claimants, creditors or
other third parties.
(P.A. 93-57, S. 10.)
History: (Revisor's note: In codifying public act 93-57, S. 10 the phrase "If it were determined" at the beginning of
Subsec. (b) was changed editorially by the Revisors to "If it has been determined").