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Current as of January 01, 2024 | Updated by FindLaw Staff
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.
Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 4822. Sanctions - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-4822/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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