1. If the commissioner finds, after a hearing conducted in accordance with chapter 17A, that any person has violated one or more provisions of this chapter, the commissioner may do one or more of the following:

 a. For each separate violation, order the imposition of an administrative penalty of not more than ten thousand dollars.
 b. Order the revocation or suspension of the producer’s license.
 c. Bring a civil suit seeking reimbursement by the managing general agent of the insurer, the rehabilitator, or the liquidator of the insurer for any losses incurred by the insurer caused by a violation of this chapter committed by the managing general agent.

Terms Used In Iowa Code 510.8

  • Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
  • Managing general agent: means any person who engages in all of the following:
     (1) Negotiates and binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and who acts as an agent for such insurer whether known as a managing general agent, manager, or other similar term or title. See Iowa Code 510.1B
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
 2. The decision, determination, or order of the commissioner pursuant to subsection 1 is subject to judicial review pursuant to chapter 17A.
 3. This section does not affect the right of the commissioner to impose any other penalties provided for under this subtitle.
 4. This chapter is not intended to and shall not in any manner limit or restrict the rights of policyholders, claimants, and auditors.
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