2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521C - REINSURANCE INTERMEDIARIES
521C.11 - PENALTIES AND LIABILITIES.

        521C.11  PENALTIES AND LIABILITIES.
         1.  A reinsurance intermediary or other person found by the
      commissioner, after a hearing conducted in accordance with chapter
      17A, to have not materially complied with a provision of this chapter
      is subject to one or more of the following:
         a.  For each separate violation, a civil penalty in an amount
      not exceeding five thousand dollars.
         b.  Revocation or suspension of the license of the reinsurance
      intermediary.
         If the commissioner finds that such noncompliance has resulted in
      a loss or damage to the insurer or reinsurer, the commissioner may
      bring a civil action on behalf of the insurer or reinsurer, and the
      policyholders and creditors of the insurer or reinsurer, seeking the
      recovery of compensatory damages for the benefit of the insurer or
      reinsurer, and the policyholders and creditors of the insurer or
      reinsurer, or seeking other relief as appropriate.
         If an order of rehabilitation or liquidation has been entered
      pursuant to chapter 507C, and the receiver appointed under the order
      determines that the reinsurance intermediary or any other person has
      not materially complied with a provision of this chapter and such
      noncompliance has resulted in a loss or damage to the insurer or
      reinsurer, the receiver may bring a civil action on behalf of the
      insurer or reinsurer seeking the recovery of damages for the benefit
      of the insurer or reinsurer, or seeking other appropriate sanction or
      relief.
         2.  A decision, determination, or order of the commissioner made
      or entered pursuant to subsection 1 is subject to judicial review
      pursuant to chapter 17A.
         3.  This section does not affect the right of the commissioner to
      impose any other penalties provided in this subtitle.
         4.  This chapter shall not in any manner limit or restrict the
      rights of policyholders, claimants, creditors, or other third
      parties, or confer any rights to such persons.  

         91 Acts, ch 26, §29; 91 Acts, ch 213, §31; 94 Acts, ch 1176, §15