On Apr. 9, IDNA INS proposed rules on fines, fees, and civil penalties.
IDNA INS issued notice of proposed rule on fees, fines, and civil penalties assessed.
To comply with P.L. 249-2023, requiring agencies create rules setting fees, fines.
Amended Indiana administrative code by adding new Article 6 to IDNA INS 760-6.
Also published notice of hearing and regulatory analysis with proposed rulemaking.
Proposed Rule
Rules bring together all fines, fees, civil penalties not listed elsewhere in specific amount in statutes and rules promulgated by the Department of Insurance.
Does not increase or decrease fees; proposed rules outline the factors taken into consideration when fines or penalties assessed by Indiana Department of Insurance.
Added commissioner ability charge administrative fee between $25k and $100k after factors, including size, complexity of domestic insurer, if ins holding company system.
Added navigator and application organization fees, foreign risk retention group fees.
Also, surcharge for physicians and hospitals; civil penalties assessed on hospitals are intend reflect increased risk, encourage them to implement risk management systems.
Adds a requirement that the commissioner must consider mitigating and aggravating factors set forth in the rule and adjust the base violation penalty by those factors.
Included aggravating factors to be considered when assessing a fine or civil penalty.
Added civil penalty schedule base amounts; adding amounts into rule will allow clarity on the base fines and penalties that individual may be charged for various violations.
Consultation
Comments on proposed rule due by May 9, 2025; hearing scheduled May 13, 2025.
Regulators
IDNA INS
Entity Types
IB; Ins
Reference
RF #25-163, 4/9/2025; 20250409-IR-760250163FNA; 20250409-IR-760250163RAA; 20250409-IR-760250163PHA; Citation: IDNA INS 760;
Functions
Compliance; Financial; Legal; Operations; Product Administration; Registration/Licensing; Risk; Training
