§ 58-33a-26

58-33A-26. Corrective action for violations.An insurer is responsible for compliance with §§58-33A-13 to 58-33A-27, inclusive. If a violation occurs because of the action or inaction of the insurer or its producer, the director may order:(1)An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply by the insurer, an entity contracted to perform the insurer’s supervisory duties, or by its producer in violation of §§58-33A-13 to 58-33A-27, inclusive;(2)A producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of §§58-33A-13 to 58-33A-27, inclusive; and(3)A general agency or independent agency that employs or contracts with a producer to sell, or solicit the sale, of annuities to consumers, to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of §§58-33A-13 to 58-33A-27, inclusive.Any violation of §§58-33A-13 to 58-33A-27, inclusive subjects the insurer, producer, or general agency or independent agency to suspension, revocation, refusal to renew a license, or to a monetary penalty as provided for under this title.

27, inclusive subjects the insurer, producer, or general agency or independent agency to suspension, revocation, refusal to renew a license, or to a monetary penalty as provided for under this title. However, the penalty may be reduced or eliminated, if corrective action for the consumer is taken promptly after a violation is discovered or the violation was not part of a pattern or practice. Source: SL 2008, ch 273, §14; SL 2012, ch 250, §14; SL 2022, ch 186, §28, eff. Jan. 1, 2023.