§ 27-2-20 - Validity of contracts of non-complying companies – Penalty on insurance producers – Actions by company.
SECTION 27-2-20
§ 27-2-20 Validity of contracts ofnon-complying companies – Penalty on insurance producers – Actions bycompany. – If any insurance company, cooperative or otherwise, makes insurance withoutcomplying with the provisions of this chapter, the contract shall be valid, butevery person acting within this state as an insurance producer of the companywithin the meaning of chapter 2.4 of this title, respecting the effecting ofany insurance, shall be fined not less than three hundred dollars ($300) normore than one thousand dollars ($1,000). No action at law or suit in equityshall be maintained or recovery had by any insurance company, cooperative orotherwise, or by any assignee of the company or by any person claiming underthe assignee or the company, except a domestic receiver of the company, on anycontract in any of the courts of this state, so long as the company fails tocomply with the provisions of this chapter.