SECTION 365:25-17-8. Mitigation of responsibility

(a)   The Insurance Commissioner may order:

(1)   An insurer to take reasonably appropriate corrective action for any consumer harmed by the insurer's, or by its insurance producer's, violation of this regulation;

(2)   An insurance producer to take reasonably appropriate corrective action for any consumer harmed by the insurance producer's violation of this regulation; and

(3)   A general agency or independent agency that employs or contracts with an insurance producer to sell, or solicit the sale, of annuities to consumers, to take reasonably appropriate corrective action for any consumer harmed by the insurance producer's violation of this regulation.

(b)   Any applicable penalty under Sections 619 and 1435.13 of Title 36 of the Oklahoma Statutes for a violation of Section 365:25-17-7(a), (b), or (c)(2) of this regulation may be reduced or eliminated at the discretion of the Insurance Commissioner if corrective action for the consumer was taken promptly after a violation was discovered.

[Source: Added at 22 Ok Reg 1429, eff 5-4-05 (emergency); Added at 23 Ok Reg 2738, eff 7-14-06; Amended at 24 Ok Reg 2217, eff 7-14-07]