382.409. Noncompliance with law, powers of director--receiver in liquidation, powers.

MISSOURI STATUTES AND CODES

382.409. Noncompliance with law, powers of director--receiver in liquidation, powers.

Noncompliance with law, powers of director--receiver in liquidation,powers.

382.409. 1. (1) If the director believes that the controllingproducer or any other person has not materially complied with sections382.400 to 382.410*, or any regulation or order promulgated hereunder,after notice and opportunity to be heard, the director may order thecontrolling producer to cease placing business with the controlled insurer;and

(2) If it was found that because of such material noncompliance thatthe controlled insurer or any policyholder thereof has suffered any loss ordamage, the director may maintain a civil action or intervene in an actionbrought by or on behalf of the insurer or policyholder for recovery ofcompensatory damages for the benefit of the insurer or policyholder orother appropriate relief.

2. If an order of liquidation or rehabilitation of the controlledinsurer has been entered pursuant to sections 375.1150 to 375.1246, RSMo,and the receiver appointed under that order believes that the controllingproducer or any other person has not materially complied with sections382.400 to 382.410*, or any regulation or order promulgated hereunder, andthe insurer suffered any loss or damage therefrom, the receiver maymaintain a civil action for recovery of damages or other appropriatesanctions for the benefit of the insurer.

3. Nothing contained in this section shall affect the right of thedirector to impose any other penalties provided for by law.

4. Nothing contained in this section is intended to or shall in anymanner alter or affect the rights of policyholders, claimants, creditors orother third parties.