Source: https://law.justia.com/codes/maryland/2013/article-gin/section-8-511/
Timestamp: 2020-05-31 23:07:53
Document Index: 747888760

Matched Legal Cases: ['§ 8', '§ 8', '§ 8', '§ 8', '§8', '§ 2', '§ 10', '§ 2']

§ 8-511 - Denials, refusals to renew, suspensions, and revocations; penalties; judicial review; civil damages :: 2013 Maryland Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Maryland Code 2013 Maryland Code INSURANCE § 8-511 - Denials, refusals to renew, suspensions, and revocations; penalties; judicial review; civil damages
§ 8-511 - Denials, refusals to renew, suspensions, and revocations; penalties; judicial review; civil damages
MD Ins Code § 8-511 (2013) What's This?
§8-511.
(a) Subject to the hearing provisions of §§ 2-210 through 2-214 of this article, the Commissioner may deny, refuse to renew, suspend, or revoke a reinsurance intermediary’s license, or a reinsurance intermediary’s insurance producer license, if the reinsurance intermediary has violated this subtitle or § 10-126 of this article.
(b) Instead of or in addition to the penalties provided in subsection (a) of this section, the Commissioner:
(1) may impose a penalty not exceeding $5,000 for each violation of this subtitle;
(2) may bring a civil action for the benefit of an insurer or reinsurer and its policyholders and creditors to recover compensatory damages or may seek other appropriate relief; and
(3) may impose any other penalty authorized by this article.
(c) An order of the Commissioner issued under this section is subject to judicial review in accordance with § 2-215 of this article.
(d) A receiver appointed under Title 9, Subtitle 2 of this article may bring a civil action to recover damages or for other appropriate sanctions for the benefit of an insurer if the receiver determines that:
(1) a reinsurance intermediary or other person has failed to comply materially with this subtitle; and
(2) the failure has caused an insurer under an order of rehabilitation or liquidation to suffer a loss or damage.
(e) This section is not intended to limit the rights of policyholders or claimants of an insurer or reinsurer.