Limits the award of punitive damages to the lesser of a defendant’s annual gross income or $5 million. (The 1992 legislature amended this statute to allow a judge who felt a defendant’s annual gross income was not a sufficient deterrent to look at 50% of the defendant’s net assets and award the lesser of that amount or $5 million.) Requires a plaintiff to show that a defendant acted with willful or wanton conduct, fraud, or malice. Requires the determination of awards for punitive damages to be made in a separate proceeding.
