Iowa Code 521C.11 – Penalties and liabilities
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Terms Used In Iowa Code 521C.11
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
521C.11 Penalties and liabilities.
1. a. A reinsurance intermediary or other person found by the commissioner, after a hearing conducted in accordance with chapter 17A, to have not materially complied with a provision of this chapter is subject to one or more of the following:
(1) For each separate violation, a civil penalty in an amount not exceeding five thousand dollars.
(2) Revocation or suspension of the license of the reinsurance intermediary.
b. If the commissioner finds that such noncompliance has resulted in a loss or damage to
the insurer or reinsurer, the commissioner may bring a civil action on behalf of the insurer or
reinsurer, and the policyholders and creditors of the insurer or reinsurer, seeking the recovery
of compensatory damages for the benefit of the insurer or reinsurer, and the policyholders
and creditors of the insurer or reinsurer, or seeking other relief as appropriate.
c. If an order of rehabilitation or liquidation has been entered pursuant to chapter 507C,
and the receiver appointed under the order determines that the reinsurance intermediary
or any other person has not materially complied with a provision of this chapter and such
noncompliance has resulted in a loss or damage to the insurer or reinsurer, the receiver may
bring a civil action on behalf of the insurer or reinsurer seeking the recovery of damages for
the benefit of the insurer or reinsurer, or seeking other appropriate sanction or relief.
2. A decision, determination, or order of the commissioner made or entered pursuant to
subsection 1 is subject to judicial review pursuant to chapter 17A.
3. This section does not affect the right of the commissioner to impose any other penalties
provided in this subtitle.
4. This chapter shall not in any manner limit or restrict the rights of policyholders,
claimants, creditors, or other third parties, or confer any rights to such persons.
91 Acts, ch 26, §29; 91 Acts, ch 213, §31; 94 Acts, ch 1176, §15; 2012 Acts, ch 1023, §157
1. a. A reinsurance intermediary or other person found by the commissioner, after a hearing conducted in accordance with chapter 17A, to have not materially complied with a provision of this chapter is subject to one or more of the following:
(1) For each separate violation, a civil penalty in an amount not exceeding five thousand dollars.
(2) Revocation or suspension of the license of the reinsurance intermediary.
b. If the commissioner finds that such noncompliance has resulted in a loss or damage to
the insurer or reinsurer, the commissioner may bring a civil action on behalf of the insurer or
reinsurer, and the policyholders and creditors of the insurer or reinsurer, seeking the recovery
of compensatory damages for the benefit of the insurer or reinsurer, and the policyholders
and creditors of the insurer or reinsurer, or seeking other relief as appropriate.
c. If an order of rehabilitation or liquidation has been entered pursuant to chapter 507C,
and the receiver appointed under the order determines that the reinsurance intermediary
or any other person has not materially complied with a provision of this chapter and such
noncompliance has resulted in a loss or damage to the insurer or reinsurer, the receiver may
bring a civil action on behalf of the insurer or reinsurer seeking the recovery of damages for
the benefit of the insurer or reinsurer, or seeking other appropriate sanction or relief.
2. A decision, determination, or order of the commissioner made or entered pursuant to
subsection 1 is subject to judicial review pursuant to chapter 17A.
3. This section does not affect the right of the commissioner to impose any other penalties
provided in this subtitle.
4. This chapter shall not in any manner limit or restrict the rights of policyholders,
claimants, creditors, or other third parties, or confer any rights to such persons.
91 Acts, ch 26, §29; 91 Acts, ch 213, §31; 94 Acts, ch 1176, §15; 2012 Acts, ch 1023, §157