Sec. 16. (a) This section supplements and does not limit the actions that may be taken by the
commissioner for a violation under
IC 27-1-15.6.
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Terms Used In Indiana Code 27-1-15.9-16
- Commissioner: means the "insurance commissioner" 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
- portable electronics: means electronic devices that are portable in nature. See Indiana Code 27-1-15.9-5
- supervising entity: means a business entity that:
Indiana Code 27-1-15.9-8
- vendor: means a business entity that directly or indirectly engages in portable electronics transactions. See Indiana Code 27-1-15.9-9
(1) After notice and hearing, impose on the vendor a civil penalty of not less than fifty dollars ($50) and not more than ten thousand dollars ($10,000).
(2) After notice and hearing, impose other penalties that the commissioner considers necessary and reasonable, including:
(A) suspending the privilege of transacting portable electronics insurance under this chapter at specific locations where violations have occurred; and
(B) suspending or revoking the ability of an individual employee or authorized representative to act under the vendor’s limited lines producer license.
(3) Take action that is otherwise authorized under this title against the supervising entity.
As added by P.L.4-2012, SEC.3. Amended by P.L.276-2013, SEC.16.
