510A.6 Penalties. 1. If the commissioner believes that a controlling producer or any other person subject to this chapter has not materially complied with this chapter, or any rule adopted or orderissued pursuant to this chapter, after notice and opportunity to be heard, the commissionermay order the controlling producer to cease placing business with the controlled insurer.Additionally, if the commissioner finds that because of such noncompliance the controlledinsurer or any policyholder of the controlled insurer has suffered any loss or damage, thecommissioner may maintain a civil action or intervene in an action brought by or on behalfof the insurer or policyholder for recovery of compensatory damages for the benefit of theinsurer or policyholder, or for other appropriate relief. 2. If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to chapter 507C, and the receiver appointed under that order believes that thecontrolling producer or any other person has not materially complied with this chapter, orany rule adopted or order issued pursuant to this chapter, and that the insurer suffered anyloss or damage as a result of the ucer or any other person has not materially complied with this chapter, orany rule adopted or order issued pursuant to this chapter, and that the insurer suffered anyloss or damage as a result of the noncompliance, the receiver may maintain a civil action forrecovery of damages or other appropriate sanctions for the benefit of the insurer. 3. This section shall not be construed to affect or limit the right of the commissioner to impose any other penalties, as appropriate, which the commissioner is authorized to impose. 4. This section shall not be construed to affect or limit the rights of policyholders, claimants, creditors, or other third parties. 93 Acts, ch 88, §13 Sat Dec 23 00:42:22 2023 Iowa Code 2024, Section 510A.6 (14, 0)
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