Section 760 IAC 1-16.1-9 - Violations; penalties; evidence of scienterAuthority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 9.
(A) Any insurer, agent, representative, officer or employee of such insurer failing to comply with the requirements of 760 IAC 1-16.1 shall be subject to such penalties as may be appropriate under the Insurance Laws of Indiana, IC 27.(B)760 IAC 1-16.1 does not prohibit the use of additional material which is not in violation of 760 IAC 1-16.1 or any other Indiana Statute or Regulation.(C) Policyowners have the right to replace existing life insurance after indicating in or as part of the applications for life insurance that such is not their intention; however, patterns of such action by policyowners who purchase the replacing policies from the same agent shall be deemed prima facie evidence of the agent's knowledge that replacement was intended in connection with the sale of those policies, and such patterns of action shall be deemed prima facie evidence of the agent's knowledge that replacement was intended in connection with the sale of those policies, and such patterns of action shall be deemed prima facie evidence of the agent's intent to violate 760 IAC 1-16.1. Department of Insurance; Reg 28, Sec 10; filed Oct 12, 1979, 4:50 pm: 2 IR 1572, eff Jan 1, 1980; filed Aug 20, 1982, 2:58 pm: 5 IR 2234, eff Jan 1, 1983; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFAReadopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA