(1) A reinsurance intermediary, insurer or reinsurer found by the director, after a hearing conducted in accordance with chapter 52, title 67, Idaho Code, to be in violation of any provision(s) of this chapter shall:
(a)  For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000);
(b)  Be subject to revocation or suspension of its license; and
(c)  If a violation was committed by the reinsurance intermediary, such 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 attributable to such violation.
(2)  The decision, determination or order of the director pursuant to subsection (1) of this section shall be subject to judicial review pursuant to chapter 52, title 67, Idaho Code.

Terms Used In Idaho Code 41-5111

  • Insurer: means any person, firm, association or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer. See Idaho Code 41-5102
  • Reinsurance intermediary: means a reinsurance intermediary-broker, or a reinsurance intermediary-manager as these terms are defined in subsections (7) and (8) of this section. See Idaho Code 41-5102
  • Reinsurer: means any person, firm, association or corporation duly licensed or authorized to do business in this state pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance. See Idaho Code 41-5102
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • To be in violation: means that the reinsurance intermediary, insurer or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provision of this chapter. See Idaho Code 41-5102
(3)  Nothing contained in this section shall affect the right of the director to impose any other penalties provided in the insurance law.
(4)  Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons.