§ 27-1-33-10 — Violations; penalties; civil actions

Indiana § 27-1-33-10

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 33: Managing General Agents

Text

(a) If the commissioner determines that the
MGA or any other person has not materially complied with this chapter
or any rule or order adopted under this chapter, after notice and
opportunity to be heard:
(1) the commissioner may order:
(A) for each separate violation, a civil penalty in an amount not
exceeding five thousand dollars ($5,000); and
(B) the revocation or suspension of the producer's license; and
(2) if it is found that because of such material noncompliance the
insurer has suffered any loss or damage, the commissioner may
maintain a civil action brought by or on behalf of the insurer and
its policyholders and creditors for recovery of compensatory
damages for the benefit of the insurer and its policyholders and
creditors or other appropriate relief.
(b) If an order of rehabilitation or liquidation of the insurer has been
entered under IC 27-9 and the receiver appointed under that order
determines that the MGA or any other person has not materially
complied with this chapter or any rule or order adopted under this
chapter and the insurer suffered any loss or damage therefrom, the
receiver may maintain a civil action for recovery of damages or other
appropriate sanctions for the benefit of the insurer.
(c) Nothing contained in this section affects the right of the
commissioner to impose any other penalties provided for by law.
(d) Nothing contained in this chapter is intended to or shall in any
manner limit or restrict the rights of policyholders, claimants, and
auditors.

Legislative History

As added by P.L.1-1992, SEC.148. Amended by P.L.130-1994, SEC.35; P.L.116-1994, SEC.46.