Authority: IC 27-8-12-7

Affected: IC 27-8-12

Sec. 1. In addition to any other penalties provided by the laws or rules of this state, the commissioner may impose a civil penalty against an insurer which has violated the laws or rules. A penalty imposed under this section shall 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).

(Department of Insurance; 760 IAC 2-19-1; filed Oct 30, 1992, 12:00 p.m.: 16 IR 869; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed Nov 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA; readopted filed Nov 19, 2019, 9:18 a.m.: 20191218-IR-760190497RFA; readopted filed Nov 30, 2022, 11:39 a.m.: 20221228-IR-760220302RFA)