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§ 8-511. Denial, refusal to renew, suspension, or revocation of license

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 5. Reinsurance Intermediaries (Refs & Annos)
MD Code, Insurance, § 8-511
§ 8-511. Denial, refusal to renew, suspension, or revocation of license
In general
(a) Subject to the hearing provisions of §§ 2-210 through 2-214 of this article, the Commissioner may deny, refuse to renew, suspend, or revoke a reinsurance intermediary's license, or a reinsurance intermediary's insurance producer license, if the reinsurance intermediary has violated this subtitle or § 10-126 of this article.
Fines and penalties imposed by Commissioner
(b) Instead of or in addition to the penalties provided in subsection (a) of this section, the Commissioner:
(1) may impose a penalty not exceeding $5,000 for each violation of this subtitle;
(2) may bring a civil action for the benefit of an insurer or reinsurer and its policyholders and creditors to recover compensatory damages or may seek other appropriate relief; and
(3) may impose any other penalty authorized by this article.
Orders subject to judicial review
(c) An order of the Commissioner issued under this section is subject to judicial review in accordance with § 2-215 of this article.
Actions brought by receivers
(d) A receiver appointed under Title 9, Subtitle 2 of this article may bring a civil action to recover damages or for other appropriate sanctions for the benefit of an insurer if the receiver determines that:
(1) a reinsurance intermediary or other person has failed to comply materially with this subtitle; and
(2) the failure has caused an insurer under an order of rehabilitation or liquidation to suffer a loss or damage.
Rights of policyholders or claimants of insurer or reinsurer
(e) This section is not intended to limit the rights of policyholders or claimants of an insurer or reinsurer.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2001, c. 731, § 1, eff. July 2, 2001.
Formerly Art. 48A, § 732.
MD Code, Insurance, § 8-511, MD INSURANCE § 8-511
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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