(1) If the commissioner finds, after a hearing conducted in accordance with article 4 of title 24, C.R.S., that any person has violated any provision of this part 10, the commissioner may order: (a) For each separate violation, a penalty in an amount not to exceed five thousand dollars;(b) Revocation or suspension of the producer'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 this part 10 committed by the MGA.(2) The decision, determination, or order of the commissioner pursuant to subsection (1) of this section shall be subject to judicial review by the court of appeals pursuant to section 24-4-106 (11), C.R.S.(3) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in this title.(4) Nothing contained in this part 10 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.L. 93: Entire article R&RE, p. 1388, § 1, effective 1/1/1995.This section is similar to former § 10-2-407 as it existed prior to 1993.
Colorado Legal Code