If the commissioner finds after a hearing that any person has violated any provision of this part, the commissioner may order:
Terms Used In Utah Code 31A-23a-605
Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of 7:
(a)
a risk retention group as defined in:
(i)
the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102
License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
Managing general agent: means a person that:
(i)
manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office;
(ii)
acts as an agent for the insurer whether it is known as a managing general agent, manager, or other similar term;
(iii)
produces and underwrites an amount of gross direct written premium equal to, or more than, 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year:
(A)
with or without the authority;
(B)
separately or together with an affiliate; and
(C)
directly or indirectly; and
(iv)
(A)
adjusts or pays claims in excess of an amount determined by the commissioner; or
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
(a)
for each separate violation, a penalty in an amount of $5,000;
(b)
revocation or suspension of the producer‘s license; and
(c)
the managing general agent to reimburse the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the insurer caused by the managing general agent’s violation.
(2)
Nothing contained in this section affects the right of the commissioner to impose any other penalties provided for in this title.
(3)
Nothing contained in this part is intended to, or in any manner limits or restricts the rights of policyholders, claimants, and auditors.
Renumbered and Amended by Chapter 298, 2003 General Session
