(A) If the director or his designee finds after a hearing conducted in accordance with Insurance Department Regulation 69-31 that a person has violated this chapter, the director or his designee may order: (1) for each separate violation, a penalty as provided in Section 38-2-10; (2) revocation or suspension of the agent's license of the MGA; (3) the MGA to reimburse the insurer, the rehabilitator, or liquidator of the insurer for losses incurred by the insurer caused by a violation of this chapter committed by the MGA. (B) The decision, determination, or order of the director or his designee pursuant to subsection (A) is subject to judicial review pursuant to Section 38-3-210, and the Administrative Procedures Act before the Administrative Law Court. (C) Nothing contained in this section affects the right of the director or his designee to impose other penalties in Title 38. (D) Nothing contained in this chapter limits or restricts the rights of policyholders, claimants, and auditors. HISTORY: 1992 Act No. 363, Section 1; 1993 Act No. 181, Section 670.
South Carolina Legal Code