Indiana § 27-1-23.5-14 Civil penalties

Indiana Statutes

§ 27-1-23.5-14 — Civil penalties

Indiana § 27-1-23.5-14

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 23.5Risk Management and Own Risk and Solvency

This text of Indiana § 27-1-23.5-14 (Civil penalties) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-23.5-14 (2026).

Text

(a)An insurer that fails, without just cause (as determined by the commissioner), to timely file an ORSA summary report as required by this chapter shall, after notice and hearing under IC 4-21.5, pay a civil penalty of one hundred dollars ($100) for each day of noncompliance, not to exceed ten thousand dollars ($10,000).

(b)The commissioner may reduce a penalty imposed under subsection (a) if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.

(c)A civil penalty collected under this section shall be deposited in the department of insurance fund established by IC 27-1-3-28.

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(a) An insurer that fails, without just cause
(as determined by the commissioner), to timely file an ORSA summary
report as required by this chapter shall, after notice and hearing under
IC 4-21.5, pay a civil penalty of one hundred dollars ($100) for each
day of noncompliance, not to exceed ten thousand dollars ($10,000).
(b) The commissioner may reduce a penalty imposed under
subsection (a) if the insurer demonstrates to the commissioner that the
imposition of the penalty would constitute a financial hardship to the
insurer.
(c) A civil penalty collected under this section shall be deposited in
the department of insurance fund established by IC 27-1-3-28.