2006 Louisiana Laws - RS 22:2092.15 — Penalties; liabilities

§2092.15.  Penalties; liabilities

A.  If the department determines that the title insurer or the title insurance agent or any other person has violated this Part, or any rule, regulation, or order promulgated thereunder, the department, pursuant to R.S. 22:1351 et seq., may order:

(1)  If a corporation, a penalty not exceeding fifty thousand dollars for each violation, and if a natural person, a penalty not exceeding ten thousand dollars for each violation.

(2)  Revocation or suspension of the license of the title insurance agent or the certificate of authority of the title insurer.

B.  If an order of rehabilitation or liquidation of the insurer or of conservation of assets of the insurer has been entered pursuant to R.S. 22:732 through 774, and the receiver appointed under that order determines that the title insurance agent or any other person has not complied with this Part, or any related rule, regulation or order, and the insurer suffered any resulting loss or damage thereunder, the receiver shall maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer and its policyholders and creditors.

C.  Nothing contained in this Section shall affect the right of the department to impose any other penalties provided for in Chapter 1 of this Title.

D.  Nothing contained in this Part is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and creditors of the title insurer or the title insurance agent.

Acts 1997, No. 1427, §1.