33-2-1605. Penalties and liabilities. (1) If, after a hearing conducted in accordance with Title 33, chapter 1, part 7, the commissioner finds that a person has violated any provision of this part, the commissioner may order:
(a) a penalty in an amount of $5,000 for each separate violation;
(b) revocation or suspension of the producer's license; and
(c) the managing general agent to reimburse the insurer, the rehabilitator, or a liquidator of the insurer for any losses incurred by the insurer caused by a violation of this part committed by the managing general agent.
(2) An order of the commissioner pursuant to subsection (1) is subject to judicial review pursuant to 33-1-711.
(3) This section does not limit the power of the commissioner to impose any other penalty provided in this title.
(4) This part does not limit the rights of policyholders, claimants, or creditors.
History: En. Sec. 18, Ch. 596, L. 1993; amd. Sec. 33, Ch. 379, L. 1995.
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