Massachusetts § 177L - Administrative action against managing general agent; authority of commissioner; penalties

§ 177L. Administrative action against managing general agent; authority of commissioner; penalties

Section 177L. (A) Managing general agents shall be considered to be in the business of insurance for purposes of the applicability of chapter one hundred and seventy-six D. In addition to the remedies provided by said chapter one hundred and seventy-six D, in any administrative action against a managing general agent the commissioner may order:

(1) for each separate violation of the managing general agents act, a penalty in an amount up to ten thousand dollars;

(2) the managing general agent to reimburse the insurer, or the rehabilitator or liquidator of the insurer, for any losses incurred by the insurer caused by a violation of the managing general agents act by the managing general agent.

(B) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in this chapter or chapter one hundred and seventy-six D.

(C) Nothing contained in this section is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and auditors.