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Indiana Code Title 27. Insurance § 27-8-12-19

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

Sec. 19.  (a) In addition to any other sanction provided under this article, the commissioner may impose a civil penalty against an insurer who has violated this chapter or rules adopted under this chapter.  A penalty imposed under this section must be the greater of:

(1) three (3) times the amount of the commissions paid for each policy involved in the violation;  or

(2) ten thousand dollars ($10,000).

(b) In addition to any other sanction provided under this title, the commissioner may impose a penalty against an insurance producer who has violated this chapter or rules adopted under this chapter.  The penalty must be the greater of:

(1) up to three (3) times the amount of the commissions paid to that insurance producer for each policy involved in the violation;  or

(2) twenty-five hundred dollars ($2,500).

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-8-12-19 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-8-12-19/

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