§ 27-4-1-6 — Cease and desist order; penalties

Indiana § 27-4-1-6

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 4: UNFAIR COMPETITION; UNAUTHORIZED
• Ch. 1: Unfair Competition; Unfair or Deceptive Acts and

Text

(a) If after a hearing under IC 4-21.5-3, the
commissioner determines that the method of competition or the act or
practice in question is defined in section 4 of this chapter and that the
person complained of has engaged in such method of competition, act,
or practice in violation of this chapter, he shall reduce his findings to
writing and shall issue and cause to be served on the person charged
with the violation an order requiring such person to cease and desist
from such method of competition, act, or practice, and the
commissioner may at his discretion order one (1) or more of the
following:
(1) Payment of a civil penalty of not more than twenty-five
thousand dollars ($25,000) for each act or violation. If the person
knew or reasonably should have known that he was in violation
of this chapter, the penalty may be not more than fifty thousand
dollars ($50,000) for each act or violation.
(2) Suspension or revocation of the person's license, or certificate
of authority, if he knew or reasonably should have known he was
in violation of this chapter.
(b) In determining the amount of a civil penalty under subsection
(a)(1), the commissioner shall consider the remediation efforts
undertaken by the person.
(c) All civil penalties imposed and collected under this section shall
be deposited in the state general fund.
Formerly: Acts 1947, c.112, s.6. As amended by P.L.259-1983,
SEC.3; P.L.7-1987, SEC.146; P.L.121-1990, SEC.4; P.L.149-1990,
SEC.2; P.L.203-2001, SEC.8.