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Indiana Code Title 27. Insurance § 27-1-33-10

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 10. (a) If the commissioner determines that the MGA or any other person has not materially complied with this chapter or any rule or order adopted under this chapter, after notice and opportunity to be heard:

(1) the commissioner may order:

(A) for each separate violation, a civil penalty in an amount not exceeding five thousand dollars ($5,000);  and

(B) the revocation or suspension of the producer's license;  and

(2) if it is found that because of such material noncompliance the insurer has suffered any loss or damage, the commissioner may maintain a civil action brought by or on behalf of the insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the insurer and its policyholders and creditors or other appropriate relief.

(b) If an order of rehabilitation or liquidation of the insurer has been entered under IC 27-9 and the receiver appointed under that order determines that the MGA or any other person has not materially complied with this chapter or any rule or order adopted under this chapter and the insurer 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) Nothing contained in this section affects the right of the commissioner to impose any other penalties provided for by law.

(d) Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-33-10 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-33-10/

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