31A-23a-809 - Penalties and liabilities.
31A-23a-809. Penalties and liabilities.
(1) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after ahearing conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act, to bein violation of any provisions of this title, shall:
(a) for each separate violation, pay a civil penalty in an amount not exceeding $5,000;
(b) be subject to revocation or suspension of its license; and
(c) if a violation was committed by the reinsurance intermediary, the reinsuranceintermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of theinsurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to theviolation.
(2) Nothing contained in this section affects the right of the commissioner to impose anyother penalties provided in this title.
(3) Nothing contained in this part is intended to, or in any manner limits or restricts therights of policyholders, claimants, creditors, or other third parties; nor does it confer any rights tosuch persons.
Amended by Chapter 382, 2008 General Session