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Maine Revised Statutes Title 24-A. Maine Insurance Code § 1497. Penalties and liabilities

Current as of January 01, 2025 | Updated by Findlaw Staff

1. Penalties. If the superintendent finds after a hearing conducted in accordance with section 229 that any person has violated any provision of this subchapter, the superintendent may order:

A. For each separate violation, any penalty provided for by section 12-A;

B. Revocation or suspension of the producer's license or the insurer's certificate of authority; and

C. The MGA to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this subchapter committed by the MGA.

2. Effect of order. The decision, determination or order of the superintendent pursuant to subsection 1 is subject to judicial review as provided by section 236.

3. Penalties. Nothing contained in this section affects the right of the superintendent to impose any other penalties provided for in this Title.

4. Rights of others. Nothing contained in this subchapter limits or restricts the rights of policyholders, claimants and auditors.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 24-A. Maine Insurance Code § 1497. Penalties and liabilities - last updated January 01, 2025 | https://codes.findlaw.com/me/title-24-a-maine-insurance-code/me-rev-st-tit-24-a-sect-1497/

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