Section 760IAC1-72-5. Mitigation of responsibility

   (a) The commissioner may order the following:

(1) An insurer to take reasonably appropriate corrective action for any consumer harmed by the insurer's, or by its insurance producer's, violation of this rule.

(2) An insurance producer to take reasonably appropriate corrective action for any consumer harmed by the insurance producer's violation of this rule.

(3) A general agency or independent agency that employs or contracts with an insurance producer to sell, or solicit the sale of, annuities to consumers to take reasonably appropriate corrective action for any consumer harmed by the insurance producer's violation of this rule.

  (b) Any applicable penalty for a violation of this rule may be reduced or eliminated, with the approval of the commissioner of the department of insurance, if corrective action for the consumer was taken promptly after a violation was discovered. (Department of Insurance; 760 IAC 1-72-5; filed Feb 16, 2006, 8:25 a.m.: 29 IR 2194, eff Jul 1, 2006; filed Jan 27, 2009, 9:51 a.m.: 20090225-IR-760080058FRA; readopted filed Nov 20, 2015, 9:25 a.m.: 20151216-IR-760150341RFA)