Louisiana Revised Statutes 22:1731 – Penalties and liabilities
Terms Used In Louisiana Revised Statutes 22:1731
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Insurer: shall mean any authorized insurer as defined in La. See Louisiana Revised Statutes 22:1722
- Person: shall mean an individual or business entity. See Louisiana Revised Statutes 22:1722
- Reinsurance intermediary: shall mean a reinsurance intermediary-broker or a reinsurance intermediary-manager. See Louisiana Revised Statutes 22:1722
- Reinsurer: shall mean any person duly licensed in this state, pursuant to the applicable provisions of this Code, as an insurer with the authority to assume reinsurance. See Louisiana Revised Statutes 22:1722
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- To be in violation: shall mean that the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this Part. See Louisiana Revised Statutes 22:1722
A. Any reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a public hearing, to be in violation of any provision of this Part, shall:
(1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars.
(2) Be subject to revocation or suspension of its license or certificate of authority.
(3) If a violation was committed by the reinsurance intermediary, such reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation.
B. Any person aggrieved by the decision, determination, or order of the commissioner pursuant to Subsection A of this Section may appeal to the Nineteenth Judicial District Court in and for the parish of East Baton Rouge.
C. Nothing contained in this Section shall affect the authority and right of the commissioner to impose any other penalties provided in the Louisiana Insurance Code.
D. Nothing contained in this Part is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights to those persons.
Acts 1992, No. 811, §1; Redesignated from La. Rev. Stat. 22:1210.30 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 317, §1; Acts 2011, No. 94, §1, eff. Jan. 1, 2012.
NOTE: Former La. Rev. Stat. 22:1731 redesignated as La. Rev. Stat. 22:1181 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.