510.8 Penalties and liabilities.
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.
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.
91 Acts, ch 26, §7; 91 Acts, ch 213, §8
Referred to in §510.10
Structure Iowa Code
Chapter 510 - MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS
Section 510.2 - Contracts with managing general agents.
Section 510.3 - Liability of managing general agents.
Section 510.4 - Licensure required — bond.
Section 510.5 - Required contract provisions — limitations.
Section 510.5A - Unfair competition or unfair and deceptive acts or practices prohibited.
Section 510.6 - Duties of insurers.
Section 510.7 - Examination authority.
Section 510.8 - Penalties and liabilities.
Section 510.12 - Written agreement necessary.
Section 510.13 - Payment to third-party administrator.
Section 510.14 - Maintenance of information.
Section 510.15 - Approval of advertising.
Section 510.16 - Underwriting provision.
Section 510.17 - Premium collection.
Section 510.18 - Payment of claims.
Section 510.19 - Claim adjustment and settlement.
Section 510.20 - Notification required.
Section 510.21 - Certificates — registration and renewal.