Maine Revised Statutes Title 24-A Sec. 1497 – Penalties and liabilities
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1. Penalties. If the superintendent finds after a hearing conducted in accordance with section 229 that any person has violated any provision of this subchapter, the superintendent may order:
A. For each separate violation, any penalty provided for by section 12?A; [PL 1997, c. 573, §1 (NEW); PL 1997, c. 573, §2 (AFF).]
B. Revocation or suspension of the producer’s license or the insurer‘s certificate of authority; and [PL 1997, c. 573, §1 (NEW); PL 1997, c. 573, §2 (AFF).]
C. 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 subchapter committed by the MGA. [PL 1997, c. 573, §1 (NEW); PL 1997, c. 573, §2 (AFF).]
[PL 1997, c. 573, §1 (NEW); PL 1997, c. 573, §2 (AFF).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 1497
- Insurer: means a person engaged as principal and as indemnitor, surety or contractor in the business of entering into contracts of insurance who holds an existing certificate of authority to transact insurance in this State pursuant to section 404. See Maine Revised Statutes Title 24-A Sec. 1492
- License: means a document issued by the superintendent authorizing a person to act as an insurance producer, adjuster or consultant for kinds of insurance specified in the document as authorized in this chapter. See Maine Revised Statutes Title 24-A Sec. 1402
- MGA: means a person who negotiates and binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office, and acts as a producer for the insurer, whether known as a managing general agent, manager or other similar term; and who, with or without the authority, either separately or together with affiliates, directly or indirectly, produces and underwrites an amount of gross direct written premium equal to or more than 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter of the year following the last annual statement and adjusts or pays claims in excess of an amount determined by the superintendent or negotiates reinsurance on behalf of the insurer, or both. See Maine Revised Statutes Title 24-A Sec. 1492
2. Effect of order. The decision, determination or order of the superintendent pursuant to subsection 1 is subject to judicial review as provided by section 236.
[PL 1997, c. 573, §1 (NEW); PL 1997, c. 573, §2 (AFF).]
3. Penalties. Nothing contained in this section affects the right of the superintendent to impose any other penalties provided for in this Title.
[PL 1997, c. 573, §1 (NEW); PL 1997, c. 573, §2 (AFF).]
4. Rights of others. Nothing contained in this subchapter limits or restricts the rights of policyholders, claimants and auditors.
[PL 1997, c. 573, §1 (NEW); PL 1997, c. 573, §2 (AFF).]
SECTION HISTORY
PL 1997, c. 573, §1 (NEW). PL 1997, c. 573, §2 (AFF).