Maryland Statutes
Subtitle 5 - Reinsurance Intermediaries
Section 8-511 - Denials, Refusals to Renew, Suspensions, and Revocations; Penalties; Judicial Review; Civil Damages

(a)    Subject to the hearing provisions of §§ 2-210 through 2-214 of this article, the Commissioner may deny, refuse to renew, suspend, or revoke a reinsurance intermediary’s license, or a reinsurance intermediary’s insurance producer license, if the reinsurance intermediary has violated this subtitle or § 10-126 of this article.
    (b)    Instead of or in addition to the penalties provided in subsection (a) of this section, the Commissioner:
        (1)    may impose a penalty not exceeding $5,000 for each violation of this subtitle;
        (2)    may bring a civil action for the benefit of an insurer or reinsurer and its policyholders and creditors to recover compensatory damages or may seek other appropriate relief; and
        (3)    may impose any other penalty authorized by this article.
    (c)    An order of the Commissioner issued under this section is subject to judicial review in accordance with § 2-215 of this article.
    (d)    A receiver appointed under Title 9, Subtitle 2 of this article may bring a civil action to recover damages or for other appropriate sanctions for the benefit of an insurer if the receiver determines that:
        (1)    a reinsurance intermediary or other person has failed to comply materially with this subtitle; and
        (2)    the failure has caused an insurer under an order of rehabilitation or liquidation to suffer a loss or damage.
    (e)    This section is not intended to limit the rights of policyholders or claimants of an insurer or reinsurer.

Structure Maryland Statutes