§ 27-14.3-27 - Duties of agents or insurance producers.
SECTION 27-14.3-27
§ 27-14.3-27 Duties of agents or insuranceproducers. – (a) Every person who receives notice in the form prescribed in §27-14.3-26 that an insurer which he or she represents as an agent or insuranceproducer is the subject of a liquidation order, shall within thirty (30) daysof the notice provide to the liquidator in addition to the information he orshe may be required to provide pursuant to § 27-14.3-6, the information inthe agent's or insurance producer's records related to any policy issued by theinsurer through the agent or insurance producer, and, if the agent or insuranceproducer is a general agent, the information in the general agent's recordsrelated to any policy issued by the insurer through an agent or insuranceproducer under contract to him or her, including the name and address of thesubagent or subproducer. A policy shall be deemed issued through an agent orinsurance producer if the agent or insurance producer has a property interestin the expiration of the policy, or if the agent or insurance producer has hadin his or her possession a copy of the declarations of the policy at any timeduring the life of the policy, except where the ownership of the expiration ofthe policy has been transferred to another.
(b) Any agent or insurance producer failing to provideinformation to the liquidator as required in subsection (a) of this section maybe subject to the payment of a penalty of not more than one thousand dollars($1,000) and may have his or her licenses suspended, after a hearing held bythe commissioner.