760 Ind. Admin. Code 1-72-5

Current through December 25, 2024

Section 760 IAC 1-72-5 - Compliance mitigation; penalties; enforcement

Authority: IC 27-4-9-4

Affected: IC 27-1-15.6-12; IC 27-4-1-4; IC 27-4-9

Sec. 5.

(a) An insurer is responsible for compliance with this rule. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order the following:

(1) An insurer to take reasonably appropriate corrective action for a consumer harmed by a failure to comply with this rule by the insurer, an entity contracted to perform the insurer's supervisory duties, or by the producer.

(2) A general agency, independent agency, or the producer to take reasonably appropriate corrective action for y a consumer harmed by the producer's violation of this rule.

(3) Appropriate penalties and sanctions.

(b) An applicable penalty under IC 27-4-1-4 for a violation of this rule may be reduced or eliminated, with the approval of the commissioner, if corrective action for the consumer was taken promptly after a violation was discovered.

(c) The authority to enforce compliance with this rule is vested exclusively with the commissioner.

760 IAC 1-72-5

Department of Insurance; 760 IAC 1-72-5; filed Feb 16, 2006, 8:25 a.m.: 29 IR 2194, eff Jul 1, 2006; filed Jan 27, 2009, 9:51 a.m.: 20090225-IR-760080058FRA

Readopted filed 11/20/2015, 9:25 a.m.: 20151216-IR-760150341RFA

Readopted filed 11/15/2021, 8:32 a.m.: 20211215-IR-760210419RFA

Filed 2/8/2024, 12:47 p.m.: 20240306-IR-760230518FRA, eff 7/1/2024