An insurer may levy and collect a maximum fee or charge of ten dollars ($10.00) for any late payment of premium by a policyholder for any property, casualty, fire and marine or liability policy of insurance. A late fee may not be imposed unless payment is received more than five (5) business days following the date payment is due.
History of Section.
P.L. 2005, ch. 69, § 1; P.L. 2005, ch. 79, § 1.