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

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 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.