Section 304.3-550 - Penalties(1) If the commissioner finds that any person has violated any provision of KRS 304.3-500 to 304.3-570 or KRS 304.9-440, the commissioner may order: (a) For each separate violation, a civil penalty in the amounts set forth in KRS 304.99-020;(b) Conditions upon, or revocation, or suspension of a license;(c) The controlling agent to reimburse the insurer, the rehabilitator, or the liquidator of the insurer for any losses incurred by the insurer caused by a violation of KRS 304.3-500 to 304.3-570 or KRS 304.9-440 committed by the controlling agent; or(d) Any combination of paragraphs (a), (b), or (c) of this subsection.(2) Appeals from orders issued under subsection (1) of this section shall be taken as provided in Subtitle 2 of this chapter.(3) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties or corrective action provided for under laws administered by the commissioner.(4) Nothing contained in KRS 304.3-500 to 304.3-570 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 986, effective7/15/2010. -- Created 1992 Ky. Acts ch. 139, sec. 6, effective 7/14/1992.