California Insurance Code

§ 1216.5

INS § 1216.5 Effective Jan 1, 1993Div. 1 · Part 2 · Ch. 2 · Art. 4.8

Statute text

(a)(1) If the commissioner believes that the controlling producer or any other person has not materially complied with this article, or any regulation or order issued or promulgated pursuant to this article, and after notice and an opportunity to be heard, the commissioner may order the controlling producer to cease placing business with the controlled insurer.

(2)If the commissioner finds that because of any material noncompliance that the controlled insurer or any policyholder thereof has suffered any loss or damage, the commissioner may bring a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief.

(3)Nothing in paragraph (1) shall be construed to limit any authority granted to the commissioner by any other provision of law to issue orders or take actions prior to the holding of a hearing.

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Legislative history

Added by Stats. 1992, Ch. 614, Sec. 7. Effective January 1, 1993.