TITLE 41

INSURANCE

CHAPTER 15

MANAGING GENERAL AGENTS ACT

41-1507.  Penalties and liabilities. (1) If the director finds, after a hearing conducted in accordance with the insurance code and the regulations and procedures adopted by the Idaho department of insurance, that any person, firm, association or corporation has violated any provision of this chapter, the director may order:

(a)  For each separate violation, a penalty in an amount not to exceed ten thousand dollars ($10,000);

(b)  Revocation or suspension of the agent’s license; and

(c)  The MGA to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of the provisions of this chapter committed by the MGA.

(2)  Nothing contained in this section shall affect the right of the director to impose any other penalties provided for in the insurance statutes.

(3)  Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and auditors.

History:

[41-1507, added 1991, ch. 293, sec. 1, p. 758.]