Fine for noncompliance; disciplinary action for repeated noncompliance

Sec. 7. (a) The department may assess: (1) an insurer; (2) a third party administrator; or (3) a pharmacy benefit manager; that violates section 5 of this chapter a fine of one thousand dollars ($1,000) per day for which the report is past due. (b) A fine under this section shall be deposited into the payer affordability penalty fund established by IC 12-15-1-18.5. (c) The department may waive a fine assessed under this section. (d) The department may take disciplinary action against: (1) an insurer; (2) a third party administrator; or (3) a pharmacy benefit manager; that is licensed under this title for repeated violations of section 5 of this chapter. As added by P.L.239-2025, SEC.11.