§ 58-9-26. Sanctions. - North Carolina Statutes

§58‑9‑26.  Sanctions.

     (a)  If the Commissionerdetermines that any person has not materially complied with this Article orwith any rule adopted or order issued under this Article, after notice andopportunity to be heard, the Commissioner may order:

(1)        For each separateviolation, a civil penalty under the procedures in G.S. 58‑2‑70(d);or

(2)        Revocation orsuspension of the person's license.

If the Commissioner finds thatbecause of a material noncompliance that an insurer or reinsurer has sufferedany loss or damage, the Commissioner may maintain a civil action brought by oron behalf of the insurer or reinsurer and its policyholders and creditors forrecovery of compensatory damages for the benefit of the insurer or reinsurerand its policyholders and creditors or for other appropriate relief.

(b)        If an order ofrehabilitation or liquidation of the insurer has been entered under Article 30of this Chapter, and the receiver appointed under that order determines thatany person has not materially complied with this Article, or any rule adoptedor order issued under this Article, and the insurer suffered any loss or damagefrom the material noncompliance, the receiver may maintain a civil action forrecovery of damages or other appropriate sanctions for the benefit of theinsurer. (1993, c. 452, s. 24.)