California Insurance Code 12414.16 – If after a hearing pursuant to Section 12414.15 the commissioner …
If after a hearing pursuant to Section 12414.15 the commissioner finds:
(a) That any rate, rating plan or rating system violates the provisions of Article 5.5 (commencing with Section 12401), he may issue an order to the person or entity which has been the subject of the hearing specifying in what respects such violation exists and stating when, within a reasonable period of time, the further use of such rate or rating system by such person or entity in the business of title insurance made thereafter shall be prohibited.
Terms Used In California Insurance Code 12414.16
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19
(b) That the violation which has been the subject of hearing was willful, he may suspend or revoke, in whole or in part, the certificate of authority of such title insurer or the license of such underwritten title company or controlled escrow company with respect to the transaction of the business of title insurance which has been the subject matter of the hearing.
(Added by Stats. 1973, Ch. 1130.)