(a) A reinsurance intermediary, insurer or reinsurer found by the commissioner, after a hearing conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, to be in violation of this part, shall:

Terms Used In Tennessee Code 56-6-811

  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
  • Insurer: means any person, firm, association or corporation duly licensed in this state pursuant to the applicable provisions of this title as an insurer. See Tennessee Code 56-6-802
  • Reinsurance intermediary: means a reinsurance intermediary broker, or a reinsurance intermediary manager. See Tennessee Code 56-6-802
  • Reinsurer: means any person, firm, association or corporation duly licensed in this state pursuant to the applicable provisions of this title as an insurer with the authority to assume reinsurance. See Tennessee Code 56-6-802
  • 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 this part. See Tennessee Code 56-6-802
(1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000);
(2) Be subject to revocation or suspension of its license; and
(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 attributable to the violation.
(b) The decision, determination or order of the commissioner pursuant to subsection (a) shall be subject to judicial review in accordance with the Uniform Administrative Procedures Act.
(c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in this title.
(d) Nothing contained in this part 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 those persons.
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