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Utah Code § 31A-23a-605

Penalties and liabilities

Renumbered and Amended by Chapter 298, 2003 General Session

(1) If the commissioner finds after a hearing that any person has violated any provision of this part, the commissioner may order:

(a) for each separate violation, a penalty in an amount of $5,000;

(b) revocation or suspension of the producer's license; and

(c) the managing general agent to reimburse the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the insurer caused by the managing general agent's violation.

(2) Nothing contained in this section affects the right of the commissioner to impose any other penalties provided for in this title.

(3) Nothing contained in this part is intended to, or in any manner limits or restricts the rights of policyholders, claimants, and auditors.

Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.