§ 8-511. Denials, refusals to renew, suspensions, and revocations; penalties; judicial review; civil damages

   (a) Denials, refusals to renew, suspensions, and revocations. -- Subject to the hearing provisions of § 2-210 through 2-214 of this article, the Commissioner may deny, refuse to renew, suspend, or revoke a reinsurance intermediary's license, or a reinsurance intermediary's insurance producer license, if the reinsurance intermediary has violated this subtitle or § 10-126 of this article.

(b) Penalties. -- Instead of or in addition to the penalties provided in subsection (a) of this section, the Commissioner:

   (1) may impose a penalty not exceeding $ 5,000 for each violation of this subtitle;

   (2) may bring a civil action for the benefit of an insurer or reinsurer and its policyholders and creditors to recover compensatory damages or may seek other appropriate relief; and

   (3) may impose any other penalty authorized by this article.

(c) Judicial review. -- An order of the Commissioner issued under this section is subject to judicial review in accordance with § 2-215 of this article.

(d) Civil damages. -- A receiver appointed under Title 9, Subtitle 2 of this article may bring a civil action to recover damages or for other appropriate sanctions for the benefit of an insurer if the receiver determines that:

   (1) a reinsurance intermediary or other person has failed to comply materially with this subtitle; and

   (2) the failure has caused an insurer under an order of rehabilitation or liquidation to suffer a loss or damage.

(e) Effect of section. -- This section is not intended to limit the rights of policyholders or claimants of an insurer or reinsurer.

HISTORY: An. Code 1957, art. 48A, § 732; 1995, ch. 36; 2001, ch. 731, § 1.