(a) If the commissioner finds, after a hearing conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, that any person has violated this part, the commissioner may order:

Terms Used In Tennessee Code 56-6-507

  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
  • Insurer: means any person, firm, association or corporation duly licensed in this state as an insurance company pursuant to §. See Tennessee Code 56-6-502
  • MGA: means any person who:
    (i) Manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office. See Tennessee Code 56-6-502
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) For each separate violation, a penalty in an amount of five thousand dollars ($5,000);
(2) Revocation or suspension of the producer’s license; and
(3) The MGA to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this part committed by the MGA.
(b) The decision, determination or order of the commissioner pursuant to subsection (a) is subject to judicial review pursuant to the Uniform Administrative Procedures Act and state insurance law.
(c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in the insurance law.
(d) Nothing contained in this part is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and auditors.
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