RSA 402-F:10 · Penalties and Liabilities

402-F:10 Penalties and Liabilities. –

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I.

If the commissioner determines that the reinsurance intermediary or any other person has not materially complied with this chapter, or any rule or order adopted under this chapter, after notice and opportunity to be heard, the commissioner may order:

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(a)

For each separate violation, a civil penalty in an amount not exceeding $5,000.

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(b)

Revocation or suspension of the reinsurance intermediary's license; and

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(c)

If it was found that because of such material non-compliance that the insurer or reinsurer has suffered any loss or damage, the commissioner may maintain a civil action brought by or on behalf of the reinsurer or insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the reinsurer or insurer and its policyholders and creditors or seek other appropriate relief.

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II.

If an order of rehabilitation or liquidation of the insurer has been entered pursuant to RSA 402-C, and the receiver appointed under that order determines that the reinsurance intermediary or any other person has not materially complied with this chapter, or any rule or order promulgated under this chapter, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.

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III.

Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in the insurance laws.

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IV.

Nothing contained in this chapter shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights to such persons. Source. 1991, 200:1. 1997, 284:10. 2005, 206:5. 2007, 255:4, eff. Jan. 1, 2008.

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