Virginia Code 38.2-1345: Penalties
A. If the Commission finds, after providing an opportunity to be heard, that the controlling producer or any other person has not materially complied with the provisions of this article, or any regulation or order promulgated hereunder, the Commission may order the controlling producer to cease placing business with the controlled insurer.
Terms Used In Virginia Code 38.2-1345
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- controlled: has the meaning ascribed in § 38. See Virginia Code 38.2-1341
- Controlled insurer: means a licensed insurer which is controlled, directly or indirectly, by a producer. See Virginia Code 38.2-1341
- Controlling producer: means a producer who, directly or indirectly, controls an insurer. See Virginia Code 38.2-1341
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
- Producer: means :
1. See Virginia Code 38.2-1341
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
B. If it is found that because of such material noncompliance that the controlled insurer or any policyholder thereof has suffered any loss or damage, the Commission may order the controlling producer or any other party licensed under this title to make restitution to the controlled insurer or its statutory successor, including any rehabilitator, liquidator or receiver of the insurer, for the net losses or damages incurred by the insurer or its policyholders.
C. Nothing contained in this section shall affect the right of the Commission to impose any other penalties provided for in this title.
D. Nothing contained in this section is intended to or shall in any manner alter or affect the rights of policyholders, claimants, creditors or other third parties.
1993, c. 158.