83-18-111 - Penalties for violations; judicial review; rights of policyholders and others not restricted. - Mississippi Statutes

§ 83-18-111. Penalties for violations; judicial review; rights of policyholders and others not restricted.
 

(1)  If the commissioner finds after a hearing conducted in accordance with Section 83-6-39, Mississippi Code of 1972, that any person has violated Sections 83-18-101 through 83-18-111, the commissioner may order: 

(a) For each separate violation, a penalty in an amount not to exceed Five Hundred Dollars ($500.00); 

(b) Revocation or suspension of the producer's license; and 

(c) The managing general agent to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this act committed by the managing general agent. 

(2)  The decision, determination or order of the commissioner pursuant to subsection (1) shall be subject to judicial review pursuant to Section 83-6-41, Mississippi Code of 1972. 

(3)  Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in the insurance law. 

(4)  Nothing contained in this act is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and auditors. 
 

Sources: Laws,  1992, ch. 329, § 6, eff from and after July 1, 1992.