TITLE 41

INSURANCE

CHAPTER 51

REINSURANCE INTERMEDIARY ACT

41-5111.  Penalties and liabilities. (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.

(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.

History:

[41-5111, added 1992, ch. 82, sec. 1, p. 256.]