What is the maximum penalty for an insurer found to have committed unfair trade practices in Indiana?

In Indiana, the maximum penalty for insurers found to have committed unfair trade practices is set at $10,000 per violation. This amount reflects the seriousness with which the Indiana Department of Insurance views violations of fair trading laws. By establishing a significant financial consequence, the regulation aims to deter insurers from engaging in deceptive practices that could harm consumers.

This penalty framework helps maintain the integrity of the insurance market in Indiana, ensuring that insurers operate fairly and transparently. It also encourages compliance with regulations designed to protect policyholders from unethical practices. The specificity of the penalty amount reinforces the importance of maintaining fair competition and instills accountability among insurers operating in the state.