§ 4822 - Sanctions - Vermont Statutes

§ 4822. Sanctions

If the commissioner determines, after notice and hearing, that any person has violated any provision of this subchapter, the commissioner may:

(1) for each separate violation, impose a penalty up to $25,000.00;

(2) revoke or suspend the person's license;

(3) order the managing general agent, reinsurance intermediary, or controlling producer to reimburse the insurer or reinsurer, or the rehabilitator or liquidator of the insurer or reinsurer for any losses incurred which are caused by a violation of this subchapter; and

(4) order the controlling producer to cease placing business with the controlled insurer. (Added 1991, No. 249 (Adj. Sess.), § 18, eff. Jan. 1, 1993.)