§ 58-60-175. Mitigation of responsibility. - North Carolina Statutes

§ 58‑60‑175. Mitigation of responsibility.

(a)        The Commissionermay order:

(1)        An insurer to takereasonably appropriate corrective action for any consumer harmed by theinsurer's, or by its insurance producer's, violation of this Part.

(2)        An insurance producerto take reasonably appropriate corrective action for any consumer harmed by theinsurance producer's violation of this Part.

(3)        A general agency orindependent agency that employs or contracts with an insurance producer tosell, or solicit the sale, of annuities to consumers, to take reasonablyappropriate corrective action for any consumer harmed by the insuranceproducer's violation of this Part.

(b)        Any applicablepenalty under G.S. 58‑2‑70 for a violation of subsection (a) or (b)of G.S. 58‑60‑170 may be reduced or eliminated if corrective actionfor the consumer was taken promptly after a violation was discovered.

(c)        A violation of thisPart is an unfair method of competition and unfair and deceptive act orpractice in the business of insurance in violation of G.S. 58‑63‑10.(2007‑298,s. 1.1.)