§ 27-52-11 - Penalties and liabilities.
SECTION 27-52-11
§ 27-52-11 Penalties and liabilities.– (a) A reinsurance intermediary, insurer, or reinsurer found by thecommissioner, after a hearing conducted in accordance with the AdministrativeProcedures Act, chapter 35 of title 42, to be in violation of any provision(s)of this chapter, shall:
(1) For each separate violation, pay a penalty in an amountnot exceeding five thousand dollars ($5,000);
(2) Be subject to revocation or suspension of its license; and
(3) If a violation was committed by the reinsuranceintermediary, the reinsurance intermediary shall make restitution to theinsurer, reinsurer, rehabilitator, or liquidator for the net losses incurred bythe insurer or reinsurer attributable to the violation.
(b) The decision, determination, or order of the commissionerpursuant to subsection (a) of this section shall be subject to judicial reviewpursuant to the Administrative Procedures Act, chapter 35 of title 42.
(c) Nothing contained in this section shall affect the rightof the commissioner to impose any other penalties provided in the insurance law.
(d) Nothing contained in this chapter is intended to or shallin any manner limit or restrict the rights of policyholders, claimants,creditors, or other third parties or confer any rights to those persons.