Insurance fraud is a serious offense that can have significant legal consequences. In the state of Indiana, insurance fraud is governed by IC 35-43-5-4.7. This statute outlines the actions that constitute insurance fraud, the penalties associated with it, and the considerations that affect the judgment imposed. B. Hicks Law is here to help you understand the ins and outs of insurance fraud in Indiana and provide expert legal defense if you ever find yourself facing charges related to this crime.
What is Insurance Fraud?
Under IC 35-43-5-4.7, a person commits insurance fraud if they knowingly or intentionally engage in any of the following actions:
Soliciting or accepting new or renewal insurance risks by or for an insolvent insurer or another entity regulated under IC 27.
Removing the assets, records, or a material part of the assets or records of an insurer or another regulated entity from their home office, place of business, or place of safekeeping. This also includes concealing or attempting to conceal these assets or records from the Department of Insurance.
Diverting funds of an insurer or another person in connection with insurance or reinsurance transactions, business activities by an insurer or another entity regulated under IC 27, or the formation, acquisition, or dissolution of such entities.
These actions constitute Class A infractions, and those found guilty may face significant penalties.
Penalties for Insurance Fraud:
In Indiana, a judgment of up to one hundred thousand dollars ($100,000) may be entered for a violation of IC 35-43-5-4.7. The court considers several factors when determining the judgment amount:
Whether the offender has a prior unrelated judgment or conviction under this section.
The value of property, services, or other benefits obtained or attempted to be obtained as a result of the violation.
The economic loss suffered by another person due to the violation.
The risk and magnitude of economic loss to another person that could have resulted from the violation.
Whether the judgment imposed is proportional to the gravity of the offense.
These considerations are essential for ensuring that the punishment fits the crime and is equitable.
B. Hicks Law: Your Trusted Defense Against Insurance Fraud Charges
At B. Hicks Law, we understand the complexities of insurance fraud cases and the potential consequences they pose to your life and future. Our experienced legal team is committed to providing you with the expert legal representation and guidance you need during these challenging times. Whether you're facing your first accusation or need help with a prior conviction, we're here to protect your rights and defend your case.
If you find yourself in a situation involving insurance fraud charges in Indiana, contact B. Hicks Law immediately. We have the expertise and dedication to build a strong defense tailored to your specific circumstances, working tirelessly to secure the best possible outcome for your case.
Don't let insurance fraud charges jeopardize your future. Reach out to B. Hicks Law today for the legal support you deserve.
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