Title 27, INSURANCE

Sec. 12. The representation of Indiana insurors on such governing body of such rating bureau described in section 10 of this chapter shall be equally divided as between domestic stock and mutual insurors, and the number of members on such governing body of such rating bureau shal…

Sec. 14. (a) As used in this section: "Casualty and liability insurance" means insurance included in Class II and Class III of IC 27-1-5-1. "Qualified public transportation agency" means any of the following: (1) A public transportation corporation established under IC 36-9-4. (2…

Sec. 15. (a) As used in this section, "planned unit development" has the meaning set forth in IC 36-7-1-14.5. (b) As used in this section, "property and casualty insurance" means one (1) or more of the types of insurance described in IC 27-1-5-1, Class 2 and Class 3. (c) An insur…

Sec. 16. (a) This section applies to a policy of insurance that: (1) covers first party loss to property located in Indiana; and (2) insures against loss or damage to: (A) real property consisting of not more than four (4) residential units, one (1) of which is the principal plac…

Sec. 17. (a) This section applies to a policy of insurance that: (1) covers first party loss to property located in Indiana; and (2) insures against loss or damage to: (A) real property consisting of not more than four (4) residential units, one (1) of which is the principal plac…

Sec. 18. (a) This section applies to a loss or damages incurred after June 30, 2025, for a policy of insurance that is described in: (1) Class 3(a) of IC 27-1-5-1; or (2) Class 2(h) of IC 27-1-5-1. However, this section does not apply to a commercial lines property insurance poli…

Sec. 3. (a) The following definitions apply throughout this section: (1) "Acceptable collateral" means the following: (A) As to securities lending transactions and for the purpose of calculating counterparty exposure: (i) cash; (ii) cash equivalents; (iii) letters of credit; and …

Sec. 3.5. (a) Except as provided by subsection (b), goodwill, trade names, and other like intangible assets attributable to any investment in a subsidiary shall be admitted as assets except: (1) to the extent that the aggregate amount thereof exceeds ten percent (10%) of the capi…

Sec. 4. (a) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows: If purchased at par, at the par value; if purchased above or below par, on the …

Sec. 5. (a) Subject to such rules as the department finds to be necessary and proper, any insurance company other than one organized as a life insurance company organized under the provisions of this article or any other law of this state and authorized to make any or all of the …

Sec. 6. (a) No company organized to make any kind or kinds of insurance included in class II and class III of IC 27-1-5-1 may take, on any one (1) risk of whatever nature, a sum exceeding one-tenth (1/10) part of its paid-up capital, surplus, and contingent reserves, if any, if a…

Sec. 7. (a) No policy of insurance against: (1) a: (A) loss or damage resulting from accident to; or (B) death or injury suffered by; an employee or other person or persons and for which the person or persons insured are liable; or (2) a loss or damage to property resulting from …

Sec. 7.5. (a) As used in this section, "motor vehicle insurance" means any type of insurance described in IC 27-1-5-1, Class 2(f). (b) As used in this section, "newly acquired motor vehicle" means one (1) of the following types of vehicles of which an individual who is insured un…

Sec. 8. In estimating the condition of any company which makes insurance comprised within class 2 or class 3 of IC 27-1-5-1, the department shall allow only such investments as assets as are authorized by the laws of this state at the date of the investigation, but unpaid premium…

Sec. 8.5. The department shall adopt rules under IC 4-22-2 to prescribe minimum standards for the establishment of reserves as required by the Accounting Practices and Procedures Manual for insurers writing Class 2 and Class 3 lines of business. As added by P.L.130-1994, SEC.21 a…

Sec. 9. No company shall directly or indirectly deal or trade in buying or selling goods, wares, merchandise or other commodities, except such as may have been insured by it and such as may be sold under judicial process or otherwise, in which, or in the profits of the sale of wh…

Sec. 0.1. The addition of section 5 of this chapter by P.L.247-1989 applies only to insurance policies issued or renewed after June 30, 1989. As added by P.L.220-2011, SEC.426.

Sec. 1. As used in this chapter: (a) "Authorized agency" means: (1) the state fire marshal or a fire department acting under IC 36-8-17; (2) the superintendent of the state police; (3) the prosecuting attorney responsible for prosecutions in the county where the fire occurred; (4…

Sec. 2. (a) An authorized agency charged with the responsibility of investigating a fire loss may, in writing, request that an insurer investigating that loss release to the requesting agency any or all relevant information or evidence considered important to the authorized agenc…

Sec. 3. (a) When an insurer has reason to believe that a fire loss in which it has an interest was caused by a means that was not accidental, then, for the purpose of notification and for having that fire loss investigated, the company shall, in writing, notify an authorized agen…

Sec. 4. (a) An authorized agency provided with information under this chapter may release or provide that information to any other authorized agency to further its investigation. (b) An insurer providing information to an authorized agency under section 3 of this chapter has the …

Sec. 5. An authorized agency that is investigating a fire believed to have been caused by arson may, in writing, order an insurer to withhold payment of the proceeds of an insurance policy on the damaged or destroyed property for up to thirty (30) days from the date of the order.…

Sec. 1. (a) This chapter applies to policies of insurance covering risks to property located in Indiana that are issued or renewed after December 31, 2001, and that insure against loss of or damage to: (1) real property consisting of not more than four (4) residential units, one …

Sec. 2. If a policy of insurance described in section 1 of this chapter does not provide coverage for flood damage: (1) the policy jacket must contain a prominently printed notice stating; or (2) the policyholder must be given written notice when the policy is issued, or upon the…

Sec. 0.1. The addition of section 10.1 of this chapter by P.L.195-1991 applies only to policies issued after December 31, 1991. As added by P.L.220-2011, SEC.442.

Sec. 1. As used in this chapter, "medicare" means Title XVIII of the federal Social Security Act (42 U.S.C. 1395 et seq.). As added by P.L.275-1987, SEC.2.

Sec. 10. (a) The commissioner shall adopt rules under IC 4-22-2 to establish minimum standards for: (1) claims payment; (2) marketing practices; (3) compensation arrangements; and (4) reporting practices; for Medicare supplement policies and certificates. (b) The commissioner may…

Sec. 10.1. (a) The commissioner shall adopt rules under IC 4-22-2 to establish standards for model Medicare supplement policies. The standards must include standards for benefits. (b) An insurer may issue a Medicare supplement policy or certificate in Indiana only if the policy o…

Sec. 12. (a) Medicare supplement policies must return to policyholders benefits that are reasonable in relation to the premium charged. (b) The commissioner shall adopt rules under IC 4-22-2 to establish minimum standards for loss ratios of Medicare supplement policies on the bas…

Sec. 14. (a) In order to provide for full and fair disclosure in the sale of Medicare supplement policies, a Medicare supplement policy or certificate may not be delivered in Indiana unless an outline of coverage is delivered to the applicant at the time application is made. (b) …

Sec. 15. (a) The commissioner may prescribe by rule adopted under IC 4-22-2 a standard form and the contents of an informational brochure for persons eligible for Medicare that is intended to improve the buyer's ability to select the most appropriate coverage and improve the buye…

Sec. 16. (a) The commissioner may adopt rules under IC 4-22-2 for captions or notice requirements that are determined to be in the public interest and designed to inform prospective insureds that particular insurance coverages are not Medicare supplement coverages. The captions o…

Sec. 17. (a) Medicare supplement policies and certificates must have a notice prominently printed on the first page of the policy or certificate or attached to the first page stating in substance that the applicant has the right to return the policy or certificate within thirty (…

Sec. 18. Every issuer of Medicare supplement insurance policies or certificates in Indiana shall provide a copy of any Medicare supplement advertisement intended for use in Indiana whether through written, radio, or television medium to the commissioner for review or approval by …

Sec. 19. In addition to any other penalties for violations of IC 27, the commissioner may take either or both of the following actions: (1) Require issuers violating this chapter or rules adopted under this chapter to cease marketing a Medicare supplement policy or certificate in…

Sec. 2. As used in this chapter, "Medicare supplement insurance solicitation" means a meeting between an insurance producer and another individual at which the insurance producer discusses the possible issuance of a medicare supplement policy to the other individual. As added by …

Sec. 20. (a) All Medicare supplement policies issued for delivery in Indiana after June 30, 1990, must provide for the refund of unused premiums upon the death of the insured during the contract period. (b) The amount of premium refund shall be prorated from the date following th…

Sec. 3. (a) As used in this chapter, "Medicare supplement policy" means a group or individual policy of accident and sickness insurance or a subscriber contract of health maintenance organizations that is advertised, marketed, or designed primarily as a supplement to reimbursemen…

Sec. 4. (a) Following a Medicare supplement insurance solicitation, an insurance producer shall give the individual involved in the solicitation a receipt for materials received by the insurance producer as a result of the solicitation. (b) The receipt required under subsection (…

Sec. 5. As used in this chapter, "applicant" means: (1) in the case of an individual Medicare supplement policy, the person who seeks to contract for insurance benefits; and (2) in the case of a group Medicare supplement policy, the proposed certificate holder. As added by P.L.25…

Sec. 6. As used in this chapter, "certificate" means a certificate: (1) issued under a group Medicare supplement policy; and (2) delivered or issued for delivery in Indiana. As added by P.L.255-1989, SEC.3.

Sec. 6.2. As used in this chapter, "certificate form" means the form on which a certificate is delivered or issued for delivery by the issuer. As added by P.L.126-1992, SEC.3.

Sec. 7.3. As used in this chapter, "issuer" includes: (1) an insurance company; (2) a fraternal benefit society; (3) a health care service plan; (4) a health maintenance organization; and (5) any other entity; that delivers a Medicare supplement policy or certificate in Indiana o…

Sec. 7.6. As used in this chapter, "policy form" means the form on which a policy is delivered or issued for delivery by the issuer. As added by P.L.126-1992, SEC.5.

Sec. 8. (a) Except as otherwise specifically provided, this chapter applies to the following: (1) All Medicare supplement policies delivered or issued for delivery in Indiana on or after June 1, 1989. (2) All certificates issued under group Medicare supplement policies that have …

Sec. 9. (a) A Medicare supplement policy, contract, or certificate in force in Indiana may not contain benefits that duplicate benefits provided by Medicare. However, a change in Medicare coverage that becomes effective after a Medicare supplement policy, contract, or certificate…