LegalFix
Sign In

§ 20-486.10 Penalties and liabilities

AZ Rev Stat § 20-486.10 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

20-486.10. Penalties and liabilities

A. A reinsurance intermediary, insurer or reinsurer that after a hearing is found by the director to be in violation of this article:

1. For each separate violation, shall pay a penalty in an amount of not to exceed five thousand dollars.

2. Is subject to revocation or suspension of its license.

3. If a violation was committed by the 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 that are attributable to the violation.

B. This section does not affect the right of the director to impose any other penalty provided for by law.

C. This section does not limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to these persons.

D. Except as provided in section 41-1092.08, subsection H, the final decision, determination or order of the director pursuant to subsection A of this section is subject to judicial review pursuant to title 12, chapter 7, article 6.

Previous Section
§ 20-486.09 Examination authority
Next Section
§ 20-486.11 Adoption of rules