1. (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. (1) three (3) times the amount of the commissions paid for each policy involved in the violation; or
   2. (2) ten thousand dollars ($10,000).

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

As added by P.L.114-1991, SEC.21. Amended by P.L.178-2003, SEC.68.