20-1243.05
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20-1243.05. Mitigation of responsibility; director orders A. The director may order: 1. An insurer to take reasonably appropriate corrective action for any consumer who is harmed by the insurer's or by the insurer's insurance producer's violation of this article. 2. An insurance producer to take reasonably appropriate corrective action for any consumer who is harmed by an insurance producer's violation of this article. 3. A managing general agent or business entity that employs or contracts with an insurance producer to sell, or solicit the sale of, annuities to consumers to take reasonably appropriate corrective action for any consumer who is harmed by the insurance producer's violation of this article. B. The director may reduce or eliminate any applicable penalty under sections 20-220, 20-295 and 20-456 for a violation of section 20-1243.03, subsection A, B or D if corrective action for the consumer was taken promptly after a violation was discovered. |