(1) An insurer is responsible for compliance with the Nebraska Protection in Annuity Transactions Act. If a violation occurs, either because of the action or inaction of the insurer or its producer, the Director of Insurance may order:

(a) An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with the Nebraska Protection in Annuity Transactions Act by the insurer, an entity contracted to perform the insurer's supervisory duties, or by the producer;

(b) A general agency, an independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of the act; and

(c) Appropriate penalties and sanctions.

(2) A violation of the act shall be an unfair trade practice in the business of insurance under the Unfair Insurance Trade Practices Act.

(3) The director may reduce or eliminate any applicable penalty under section 44-1529 for a violation of the Nebraska Protection in Annuity Transactions Act if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.