(1) A reinsurance intermediary, insurer or reinsurer found by the commissioner, after a hearing conducted in accordance with Section 83-6-39, to be in violation of any provision(s) of Sections 83-19-201 through 83-19-221, shall: (a) For each separate violation, pay a penalty in an amount not exceeding Five Thousand Dollars ($5,000.00);(b) Be subject to revocation or suspension of its license; and(c) If a violation was committed by the reinsurance intermediary, such reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation.(2) The decision, determination or order of the commissioner pursuant to subsection (1) shall be subject to judicial review pursuant to Section 83-6-41.(3) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in the insurance law.(4) Nothing contained in Sections 83-19-201 through 83-19-221 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to tained in Sections 83-19-201 through 83-19-221 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons.Laws, 1992, ch. 330, § 11, eff. 7/1/1992.
Mississippi Legal Code