Cross References
Credit for reinsurance, see article 4A.
Law Journals and Reviews
Reinsurance Intermediaries: Law and Litigation. 29 UH L. Rev. 59 (2006).
[§431:9B-110] Penalties and liabilities. (a) After a hearing conducted in accordance with section 431:2-308, a reinsurance intermediary, insurer, or reinsurer found by the commissioner to be in violation of any provisions of this article shall:
(1) For each separate violation, pay a penalty in an amount not exceeding $5,000;
(2) Be subject to revocation or suspension of its license; and
(3) If a violation was committed by a reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation.
(b) The decision, determination, or order of the commissioner pursuant to subsection (a) shall be subject to judicial review pursuant to chapter 91 and section 431:2-308.
(c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in the insurance law.
(d) Nothing contained in this article is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights on those persons. [L 1992, c 176, pt of §6]
Section: Previous 431-9b-103 431-9b-104 431-9b-105 431-9b-106 431-9b-107 431-9b-108 431-9b-109 431-9b-110 431-9b-111 431-9c-101 431-9c-102 431-9c-103 431-9c-104 431-9c-105 431-9c-106 NextLast modified: October 27, 2016