(a) Every person who receives notice in the form prescribed in section 7061 of this title that an insurer which he or she represents as an agent is the subject of a liquidation order, shall within 30 days of such notice provide to the liquidator (in addition to the information he or she may be required to provide pursuant to section 7034 of this title) the information in the agent's records related to any policy issued by the insurer through the agent, and, if the agent is a general agent, the information in the general agent's records related to any policy issued by the insurer through an agent under contract to him or her, including the name and address of such sub-agent. A policy shall be deemed issued through an agent if the agent has a property interest in the expiration of the policy, or if the agent has had in his or her possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another.

(b) An agent who fails to give notice or file a report of compliance as required in subsection (a) of this section may be subject to payment of a penalty of not more than $1,000.00 and may have his or her license suspended, after a hearing held by the Commissioner. (Added 1991, No. 45, § 2, eff. May 29, 1991.)