(1) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with article 4 of title 24, C.R.S., to be in violation of any provision of this part 9 shall:
For each separate violation, pay a penalty in an amount not to exceed five thousanddollars;
Be subject to revocation or suspension of its license; and
If a violation was committed by the reinsurance intermediary, such reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation.
The decision, determination, or order of the commissioner pursuant to subsection (1) of this section shall be subject to judicial review by the court of appeals pursuant to section 24-4106 (11), C.R.S.
Nothing contained in this section shall affect the right of the commissioner to imposeany other penalties provided in this title.
Nothing contained in this part 9 is intended to or shall in any manner limit or restrictthe rights of policyholders, claimants, creditors, or other third parties or confer any rights to such persons.
Source: L. 93: Entire article R&RE, p. 1382, § 1, effective January 1, 1995.
Editor's note: (1) This section is similar to former § 10-2-311 as it existed prior to 1993.
(2) In 2006, the provisions within subsection (1) were relettered to return the subsection to its original form as adopted in House Bill 93-1270.