§ 27-8-12-19 — Violations; civil penalty; amount

(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) three (3) times the amount of the commissions paid for each
policy involved in the violation; or
(2) ten thousand dollars ($10,000).
(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) up to three (3) times the amount of the commissions paid to
that insurance producer for each policy involved in the violation;
or
(2) twenty-five hundred dollars ($2,500).

Legislative History

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