Sec. 13. (a) An insurer that fails, without just cause (as determined by the commissioner), to timely file a CGAD 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.146-2015, SEC.19.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 4.1. Corporate Governance Annual Disclosure
27-1-4.1-1. Application and Scope of Chapter
27-1-4.1-2. "Corporate Governance Annual Disclosure"; "Cgad"
27-1-4.1-6. Annual Submission of Cgad
27-1-4.1-7. Level of Disclosure
27-1-4.1-8. Cgad Submitted by Insurance Group Member
27-1-4.1-9. Nonduplication of Other Filings
27-1-4.1-10. Additional Information; Cgad Preparation Requirements
27-1-4.1-11. Confidentiality; Privilege; Use of Information; Sharing and Disclosure
27-1-4.1-12. Third Party Consultants; Confidentiality; Sharing of Information