38.2-1345 - Penalties. - Virginia Statutes

§ 38.2-1345. Penalties.

A. If the Commission finds, after providing an opportunity to be heard, thatthe controlling producer or any other person has not materially complied withthe provisions of this article, or any regulation or order promulgatedhereunder, the Commission may order the controlling producer to cease placingbusiness with the controlled insurer.

B. If it is found that because of such material noncompliance that thecontrolled insurer or any policyholder thereof has suffered any loss ordamage, the Commission may order the controlling producer or any other partylicensed under this title to make restitution to the controlled insurer orits statutory successor, including any rehabilitator, liquidator or receiverof the insurer, for the net losses or damages incurred by the insurer or itspolicyholders.

C. Nothing contained in this section shall affect the right of the Commissionto impose any other penalties provided for in this title.

D. Nothing contained in this section is intended to or shall in any manneralter or affect the rights of policyholders, claimants, creditors or otherthird parties.

(1993, c. 158.)

Insurer Act