- If the commissioner finds, after a hearing conducted in accordance with article 4 of title 24, C.R.S., that any person has violated any provision of this part 10, the commissioner may order:
- For each separate violation, a penalty in an amount not to exceed five thousand dollars;
- Revocation or suspension of the producer’s license; and
- The MGA to reimburse the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this part 10 committed by the MGA.
- 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 24-4-106 (11), C.R.S.
- Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in this title.
- Nothing contained in this part 10 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.
Source: L. 93: Entire article R&RE, p. 1388, § 1, effective January 1, 1995.
Editor’s note: This section is similar to former § 10-2-407 as it existed prior to 1993.