West Virginia Code 33-38-11 – Penalties and liabilities
(a) A reinsurance intermediary, insurer or reinsurer found by the commissioner, after a hearing conducted in accordance with section thirteen, article two of this chapter, to be in violation of any provision or provisions of this article, shall:
Terms Used In West Virginia Code 33-38-11
- Commissioner: means the Insurance Commissioner of West Virginia. See West Virginia Code 33-38-2
- Insurer: means any person, firm, association or corporation duly licensed in this state pursuant to the applicable provisions of this chapter as an insurer. See West Virginia Code 33-38-2
- Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager as these terms are defined in subdivisions (g) and (h) of this section. See West Virginia Code 33-38-2
- Reinsurer: means any person, firm, association or corporation duly licensed or accredited in this state pursuant to the applicable provisions of this chapter as an insurer with the authority to assume reinsurance. See West Virginia Code 33-38-2
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- To be in violation: means that the reinsurance intermediary, insurer or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this article. See West Virginia Code 33-38-2
(1) For each separate violation, pay a penalty in an amount not exceeding $5,000;
(2) Be subject to revocation or suspension of its license; and
(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 the violation.
(b) The decision, determination or order of the commissioner pursuant to subsection (a) of this section is subject to judicial review pursuant to section fourteen, article two of this chapter.
(c) Nothing contained in this section may affect the right of the commissioner to impose any other penalties provided in the insurance law.
(d) Nothing contained in this article is intended to or may in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons.