Utah Code 31A-23a-809. Penalties and liabilities
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(1) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with Title 63G, Chapter 4, Administrative Procedures Act, to be in violation of any provisions of this title, shall:
Terms Used In Utah Code 31A-23a-809
- Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of Part 7, Producer Controlled Insurers:(4)(a) a risk retention group as defined in:(4)(a)(i) the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102
- License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
- Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
- Reinsurance intermediary: means :
(8)(a) a reinsurance intermediary-broker; or(8)(b) a reinsurance intermediary-manager. See Utah Code 31A-23a-102- Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
(1)(a) for each separate violation, pay a civil penalty in an amount not exceeding $5,000;(1)(b) be subject to revocation or suspension of its license; and(1)(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) Nothing contained in this section affects the right of the commissioner to impose any other penalties provided in this title.(3) Nothing contained in this part is intended to, or in any manner limits or restricts the rights of policyholders, claimants, creditors, or other third parties; nor does it confer any rights to such persons.