(a)  If the commissioner determines that the title insurer has violated this chapter, or any regulation or order promulgated thereunder, after notice and opportunity to be heard, the commissioner may order:

(1)  A penalty pursuant to § 42-14-16 for each violation; and

(2)  Revocation or suspension of the title insurer’s license.

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Terms Used In Rhode Island General Laws 27-2.6-19

  • Commissioner: means the director of the department of business regulation, or his or her designee or the commissioner, director or superintendent of insurance in any other state. See Rhode Island General Laws 27-2.6-3
  • insurer: means a company organized under laws of this state for the purpose of transacting the business of title insurance and any foreign or non-United States title insurer licensed in this state to transact the business of title insurance. See Rhode Island General Laws 27-2.6-3

(b)  Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in the insurance code.

(c)  Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and creditors.

History of Section.
P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.