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Indiana Code Title 35. Criminal Law and Procedure § 35-43-5-4.7

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

Sec. 4.7. (a) A person who, knowingly or intentionally:

(1) solicits or accepts new or renewal insurance risks by or for an insolvent insurer or other entity regulated under IC 27;

(2) removes:

(A) the assets;

(B) the record of assets, transactions, and affairs;  or

(C) a material part of the assets or the record of assets, transactions, and affairs;

of an insurer or another entity regulated under IC 27, from the home office, other place of business, or place of safekeeping of the insurer or other regulated entity, or conceals or attempts to conceal from the department of insurance assets or records referred to in clauses (A) through (B);  or

(3) diverts funds of an insurer or another person in connection with:

(A) the transaction of insurance or reinsurance;

(B) the conduct of business activities by an insurer or another entity regulated under IC 27;  or

(C) the formation, acquisition, or dissolution of an insurer or another entity regulated under IC 27;

commits insurance fraud, a Class A infraction.

(b) Notwithstanding IC 34-28-5-4, a judgment of up to one hundred thousand dollars ($100,000) may be entered for a violation of this section.  In determining the amount of the judgment, the court shall consider:

(1) whether the person who commits the violation has a prior unrelated judgment under this section or conviction under this article;

(2) the:

(A) value of property, services, or other benefits obtained or attempted to be obtained by the person as a result of the violation;

(B) economic loss suffered by another person as a result of the violation;  and

(C) risk and magnitude of economic loss to another person which could have resulted as a consequence of the violation;  and

(3) whether the judgment imposed is proportional to the gravity of the offense.

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Cite this article: FindLaw.com - Indiana Code Title 35. Criminal Law and Procedure § 35-43-5-4.7 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-35-criminal-law-and-procedure/in-code-sect-35-43-5-4-7/

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