(1) If the director determines that a title insurer or any other person has violated the Title Insurers Act or any rule or regulation adopted and promulgated pursuant to the act, after notice and opportunity to be heard, the director may order:
(a) A penalty not exceeding one thousand dollars for each violation; and
(b) Revocation or suspension of the title insurer's certificate of authority.
(2) Nothing in this section shall affect the right of the director to impose any other penalties provided for in the insurance laws of this state.
(3) Nothing in the act is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and creditors.