(1) The commissioner may examine and investigate the business affairs and conduct of every person applying for or holding an insurance producer license under this article to determine whether such person has been or is engaged in any violation of the insurance laws or rules of this state or has engaged in unfair or deceptive acts or practices in any state.
On receipt of any information regarding the possible violation of the insurance lawsor rules of this or any other state, or the possible use of unfair or deceptive practices by a person applying for or holding an insurance producer license under this article, the commissioner may require such person to appear and show cause why the commissioner should not discontinue, revoke, suspend, or refuse to issue or renew the person's license and may, upon the failure of such person to show cause, revoke, suspend, or refuse to issue or renew the license.
The license of an insurance agency or business entity may be suspended or revokedor the renewal or continuation refused if the commissioner finds, after hearing, that an individual licensee's violation was known or should have been known to one or more of the partners, officers, or managers acting on behalf of the insurance agency or business entity, including any foreign or domestic entity as defined in section 7-90-102, C.R.S., and that such violation was not reported to the division of insurance nor corrective action taken in relation thereto.
In addition to or in lieu of any applicable denial, suspension, or revocation of aninsurance producer license, any person who violates any provision of this article may, after hearing, be subject to any remedy or civil penalty of not more than three thousand dollars for each such violation.
The commissioner shall retain the authority to enforce the provisions of and imposeany penalty or remedy authorized by this article against any person who is under investigation for or charged with a violation of this article even if the person's license has been surrendered or has lapsed by operation of law.
Source: L. 93: Entire article R&RE, p. 1373, § 1, effective January 1, 1995. L. 2001: (2), (3), and (4) amended and (5) added, p. 1212, § 36, effective January 1, 2002. L. 2008: (4) amended, p. 2171, § 2, effective August 5.
Editor's note: This section is similar to former § 10-2-214 as it existed prior to 1993.