A. A reinsurance intermediary, insurer or reinsurer that after a hearing is found by the director to be in violation of this article:

Terms Used In Arizona Laws 20-486.10

  • Insurer: means a person, firm, association or corporation licensed to transact insurance business in this state. See Arizona Laws 20-486
  • Reinsurance intermediary: means a reinsurance intermediary broker or a reinsurance intermediary manager. See Arizona Laws 20-486
  • Reinsurer: means a person, firm, association or corporation licensed to transact reinsurance business in this state. See Arizona Laws 20-486
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Violation: means the failure of the reinsurance intermediary, insurer or reinsurer for whom the reinsurance intermediary was acting to substantially comply with the provisions of this article. See Arizona Laws 20-486

1. For each separate violation, shall pay a penalty in an amount of not to exceed five thousand dollars.

2. Is subject to revocation or suspension of its license.

3. If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer that are attributable to the violation.

B. This section does not affect the right of the director to impose any other penalty provided for by law.

C. This section does not limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to these persons.

D. Except as provided in Section 41-1092.08, subsection H, the final decision, determination or order of the director pursuant to subsection A of this section is subject to judicial review pursuant to Title 12, Chapter 7, Article 6.

 

  Previous section
Next section  
 Article 10 Contents