(a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner to be in violation of this chapter, after a hearing conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code by an administrative law judge either chosen under Section 11502 of the Government Code or appointed by the commissioner, shall be subject to all of the following:
(1) For each separate violation, a penalty in an amount not exceeding five thousand dollars ($5,000).
(2) Be subject to revocation or suspension of its license or certificate of authority.
(b) Nothing contained in this section shall affect the right of the commissioner to impose or issue any other penalties or orders authorized by law.
(c) Nothing contained in this chapter shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights upon those persons or otherwise limit any other authority required or authorized to be exercised under this code by the commissioner.
(Added by Stats. 1991, Ch. 1009, Sec. 1.)
Last modified: October 25, 2018