Michigan Laws 500.1169 – Violation; penalties
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(1) A reinsurance intermediary, insurer, or reinsurer found by the commissioner to be in violation of any of the provisions of this chapter, after a hearing held pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being section 24.201 to 24.328 of the Michigan Compiled Laws, is subject to all of the following penalties:
(a) For each separate violation, payment of a civil fine of not more than $5,000.00.
Terms Used In Michigan Laws 500.1169
- Commissioner: means the director. See Michigan Laws 500.102
- Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
- Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager. See Michigan Laws 500.1151
- Reinsurer: means any person duly authorized in this state pursuant to the applicable provisions of this act as an insurer with the authority to assume reinsurance. See Michigan Laws 500.1151
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
(b) The suspension, limitation, or revocation of its license.
(c) If a violation was committed by the reinsurance intermediary, the 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 the violation.
(2) This section does not preclude the commissioner from imposing any other penalties provided in this act.
(3) This chapter shall not in any manner confer any rights upon or limit or restrict the rights of policyholders, claimants, creditors, or other third parties.