Sec. 14. (a) An insurer that fails, without just cause (as determined by the commissioner), to timely file an ORSA summary report as required by this chapter shall, after notice and hearing under IC 4-21.5, pay a civil penalty of one hundred dollars ($100) for each day of noncompliance, not to exceed ten thousand dollars ($10,000).
(b) The commissioner may reduce a penalty imposed under subsection (a) if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
(c) A civil penalty collected under this section shall be deposited in the department of insurance fund established by IC 27-1-3-28.
As added by P.L.129-2014, SEC.8.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 23.5. Risk Management and Own Risk and Solvency Assessment
27-1-23.5-1. Application of Chapter
27-1-23.5-3. "Insurance Group"
27-1-23.5-7. "Orsa Summary Report"
27-1-23.5-8. Risk Management Framework
27-1-23.5-9. Conducting an Orsa
27-1-23.5-10. Orsa Reports; Requirements
27-1-23.5-12. Orsa Summary Report Preparation, Review