Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 100/55

(215 ILCS 100/55) (from Ch. 73, par. 1655)

Sec. 55.

Penalties and liabilities.

(a) If the Director determines that a reinsurance intermediary has not
materially complied with this Act or any regulation or
Order promulgated hereunder, after notice and opportunity to be heard, the
Director may order a penalty in an amount not exceeding $100,000 for each
separate violation and may order the revocation or suspension of the
reinsurance intermediary's license.  If it is found that because of the
material noncompliance the insurer or reinsurer has suffered any loss or
damage, the Director may maintain a civil action brought by or on behalf of the
reinsurer or insurer and its policyholders and creditors for recovery of
compensatory damages for the benefit of the reinsurer or insurer and its
policyholders and creditors or seek other appropriate relief.

This subsection (a) shall not be construed to prevent any other person from
taking civil action against a reinsurance intermediary.

(b) If an Order of Rehabilitation or Liquidation of the
insurer is entered
under Article XIII of the Illinois Insurance Code and the receiver appointed
under that Order determines that the reinsurance intermediary or any other
person has not materially complied with this Act or any regulation or Order
promulgated hereunder and the insurer has suffered any loss or damage
therefrom,
the receiver may maintain a civil action for recovery of damages or other
appropriate sanctions for the benefit of the insurer.

(c) The decision, determination, or order of the Director under
subsection (a) of this Section shall be subject to judicial review under
the Administrative Review Law.

(d) Nothing contained in this Act shall affect the right of the
Director
to impose any other penalties provided in the Illinois Insurance Code.

(e) Nothing contained in this Act is intended to or shall in any
manner
limit or restrict the rights of policyholders, claimants, creditors, or
other third parties or confer any rights to those persons.

(Source: P.A. 93-32, eff. 7-1-03.)