§ 35-43-5-4.7 — Insurance fraud

Indiana § 35-43-5-4.7

• Jurisdiction: Indiana
• Art. 43: OFFENSES AGAINST PROPERTY
• Ch. 5: Forgery, Fraud, and Other Deceptions

Text

7. (a) A person who, knowingly or
intentionally:
(1) solicits or accepts new or renewal insurance risks by or for an
insolvent insurer or other entity regulated under IC 27;
(2) removes:
(A) the assets;
(B) the record of assets, transactions, and affairs; or
(C) a material part of the assets or the record of assets,
transactions, and affairs;
of an insurer or another entity regulated under IC 27, from the
home office, other place of business, or place of safekeeping of
the insurer or other regulated entity, or conceals or attempts to
conceal from the department of insurance assets or records
referred to in clauses (A) through (B); or
(3) diverts funds of an insurer or another person in connection
with:
(A) the transaction of insurance or reinsurance;
(B) the conduct of business activities by an insurer or another
entity regulated under IC 27; or
(C) the formation, acquisition, or dissolution of an insurer or
another entity regulated under IC 27;
commits insurance fraud, a Class A infraction.
(b) Notwithstanding IC 34-28-5-4, a judgment of up to one hundred
thousand dollars ($100,000) may be entered for a violation of this
section. In determining the amount of the judgment, the court shall
consider:
(1) whether the person who commits the violation has a prior
unrelated judgment under this section or conviction under this
article;
(2) the:
(A) value of property, services, or other benefits obtained or
attempted to be obtained by the person as a result of the
violation;
(B) economic loss suffered by another person as a result of the
violation; and
(C) risk and magnitude of economic loss to another person
which could have resulted as a consequence of the violation;
and
(3) whether the judgment imposed is proportional to the gravity
of the offense.

Legislative History

As added by P.L.174-2021, SEC.52.