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.

Terms Used In Indiana Code 27-1-23.5-14

  • Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
  • Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
  • Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
  • insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
  • ORSA summary report: means a confidential, high level summary of an insurer or insurance group's ORSA. See Indiana Code 27-1-23.5-7
     (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.

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