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§ 991.1303. Penalties

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 2. Insurance Companies (Refs & Annos)
Article XIII. Broker Controlled Property and Casualty Insurers
40 P.S. § 991.1303
§ 991.1303. Penalties
(a) If the department has reason to believe that a controlling broker has committed or is committing an act which could be determined to be a violation, as defined in section 1301,1 it shall serve upon the controlling broker a statement of the charges and notice of a hearing to be conducted in accordance with 2 Pa.C.S. (relating to administrative law and procedure) at a time not less than thirty (30) days after the service of the notice and at a place fixed in the notice.
(b) At this hearing, the department must establish that the controlling broker committed the violation. The controlling broker shall have an opportunity to be heard and to present evidence rebutting the charges. The decision, determination or order of the department shall be subject to judicial review pursuant to 2 Pa.C.S.
(c) If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to Article V2 of this act, and the liquidator or rehabilitator appointed under that order believes that the controlling broker or any other person subject to this article has not materially complied with this article or any regulation or order promulgated hereunder, and the insurer suffered any loss or damage therefrom, the liquidator or rehabilitator may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.

Credits

1921, May 17, P.L. 682, No. 284, art. XIII, § 1303, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days.

Footnotes

40 P.S. § 991.1301.
40 P.S. § 631 et seq. (repealed).
40 P.S. § 991.1303, PA ST 40 P.S. § 991.1303
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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