58-33A-26. Corrective action for violations.
An insurer is responsible for compliance with §§58-33A-13 to 58-33A-27, inclusive. The director may order:
(1)An insurer to take reasonably appropriate corrective action for any consumer harmed by the insurer's, or by its insurance producer's, violation of §§58-33A-13 to 58-33A-27, inclusive;
(2)An insurance producer to take reasonably appropriate corrective action for any consumer harmed by the insurance producer's violation of §§58-33A-13 to 58-33A-27, inclusive; and
(3)A general agency or independent agency that employs or contracts with an insurance producer to sell, or solicit the sale, of annuities to consumers, to take reasonably appropriate corrective action for any consumer harmed by the insurance producer's violation of §§58-33A-13 to 58-33A-27, inclusive.
Any violation of §58-33A-16, 58-33A-17, or 58-33A-19 subjects the insurer, insurance producer, or general agency or independent agency to suspension, revocation, refusal to renew a license, or to a monetary penalty as provided for under this title. However, the penalty may be reduced or eliminated, according to a schedule adopted by the director, if corrective action for the consumer is taken promptly after a violation is discovered or the violation was not part of a pattern or practice.
Source: SL 2008, ch 273, §14; SL 2012, ch 250, §14.