Ohio Code 3905.77 – Penalties for violations
(A) If the superintendent of insurance, after a hearing conducted in accordance with Chapter 119 of the Revised Code, finds a violation of section 3905.76 of the Revised Code, the superintendent may order any of the following:
Terms Used In Ohio Code 3905.77
- agent: means any person that, in order to sell, solicit, or negotiate insurance, is required to be licensed under the laws of this state, including limited lines insurance agents and surplus line brokers. See Ohio Code 3905.01
- Insurance: means any of the lines of authority set forth in Chapter 1739. See Ohio Code 3905.01
- License: means the authority issued by the superintendent to a person to act as an insurance agent for the lines of authority specified, but that does not create any actual, apparent, or inherent authority in the person to represent or commit an insurer. See Ohio Code 3905.01
- Person: means an individual or a business entity. See Ohio Code 3905.01
- state: means the state of Ohio. See Ohio Code 1.59
(1) For each separate violation committed by an insurer, managing general agent, or other person, a civil penalty in an amount of not more than one thousand dollars;
(2) For a violation committed by a managing general agent or the producer of the managing general agent, revocation or suspension of the license of the managing general agent or the license of the producer;
(3) For a violation committed by a managing general agent, reimbursement of the insurer or the rehabilitator or liquidator of the insurer by the managing general agent and by any officer, director, shareholder, or other representative or agent of the managing general agent who actually benefited from the violation, for any losses incurred by the insurer that were caused by the violation.
(B) All civil penalties collected pursuant to division (A)(1) of this section shall be paid into the state treasury to the credit of the department of insurance operating fund.
(C) Nothing in this section affects the authority of the superintendent to impose any other civil penalties or to initiate any other proceedings or remedies pursuant to the laws of this state.