(a) If the commissioner finds after a hearing conducted in accordance with 2 Pa.C.S. (relating to administrative law and procedure) that any person has violated any provision of this article, the commissioner may order:
(1) for each separate violation, a civil penalty not to exceed five thousand dollars ($5,000);
(2) revocation or suspension of the agent's license; and
(3) the MGA to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this article committed by the MGA.
(b) The decision, determination or order of the commissioner pursuant to subsection (a) shall be subject to judicial review pursuant to 2 Pa.C.S.
(c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in the insurance laws of this Commonwealth.
(d) Nothing contained in this article is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and auditors.
Credits
1921, May 17, P.L. 789, No. 285, art. VIII, § 807, added 1992, Dec. 18, P.L. 1496, No. 177, § 12, effective in 120 days.
40 P.S. § 322.7, PA ST 40 P.S. § 322.7
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
