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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.1186.  Agent of insurer, duty to provide information to liquidator — penalty. — 1.  Every person who receives notice in the form prescribed in section 375.1185 that an insurer which he represents as an agent is the subject of a liquidation order, within thirty days of such notice, shall provide to the liquidator, in addition to the information he may be required to provide pursuant to section 375.1156, the information in the agent's records related to any policy issued by the insurer through the agent and, if the agent is a general agent, the information in the general agent's records related to any policy issued by the insurer through any agent under contract to him, including the name and address of such subagent.  Such information shall include information relating to premiums collected and held by the agent and all commissions relating to such policies, whether earned or unearned.  A policy shall be deemed issued through an agent if the agent has a property interest in the expiration of the policy, or if the agent has had in his possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another person.

  2.  Any agent failing to provide information to the liquidator as required in subsection 1 of this section may be subject to payment of an administrative penalty of not more than one thousand dollars for each day that the agent refuses to provide the information requested and the department of commerce and insurance may suspend any license issued by the department to the agent.  Any penalty provided by this subsection may be imposed after a hearing conducted by the director.  Any moneys collected by the department of commerce and insurance pursuant to imposition of such administrative penalties shall be paid to the state treasurer for deposit to the general revenue fund.

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(L. 1991 H.B. 385, et al. § 72)


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