Oklahoma § 36-1477 - Violations - Penalties - Judicial review - Rights

§ 36-1477. Violations - Penalties - Judicial review - Rights

affected.

A. If the Insurance Commissioner finds, after a hearing

conducted in accordance with Article II of the Administrative

Procedures Act, that any person had violated any provision of the

Managing General Agents Act or rules promulgated pursuant thereto,

the Commissioner may order:

1. For each separate violation, a penalty in an amount of not

less than One Hundred Dollars ($100.00) nor more than Five Thousand

Dollars ($5,000.00) for each occurrence;

2. Revocation or suspension of the producer's license; and

3. The managing general agent to reimburse the insurer, the

rehabilitator or the liquidator of the insurer for any losses

incurred by the insurer which were caused by a violation of the

Managing General Agents Act committed by the managing general agent.

B. The decision, determination or order of the Commissioner

pursuant to subsection A of this section shall be subject to

judicial review pursuant to the Administrative Procedures Act and

any applicable insurance laws and regulations.

Oklahoma Statutes - Title 36. Insurance

C. Nothing contained in this section shall affect the right of

the Commissioner to impose any other penalties provided for in the

Oklahoma Insurance Code.

D. Nothing contained in the Managing General Agents Act is

intended to or shall, in any manner, limit or restrict the rights of

policyholders, claimants and auditors.

E. No insurer may continue to utilize the services of a

managing general agent on or after July 1, 1991, unless such

utilization is in compliance with the Managing General Agents Act.

Added by Laws 1991, c. 134, § 7, eff. July 1, 1991. Amended by Laws

2012, c. 44, § 5, eff. Nov. 1, 2012.