Title 27, INSURANCE

Sec. 17. Group long term care insurance may not be offered to a resident of Indiana under a group policy issued in another state unless the commissioner determines that the group long term care insurance policy substantially complies with insurance requirements similar to those e…

Sec. 18. (a) An insurer or other entity that provides a commission to an insurance producer or other representative for the sale of a long term care insurance policy may not violate the following conditions: (1) The insurer or other entity shall, for at least six (6) years, pay t…

Sec. 19. (a) In addition to any other sanction provided under this article, the commissioner may impose a civil penalty against an insurer who has violated this chapter or rules adopted under this chapter. A penalty imposed under this section must be the greater of: (1) three (3)…

Sec. 2. As used in this chapter, "certificate" means a document issued to a member of the group covered under a group insurance policy, which policy has been delivered or issued for delivery in Indiana, to signify that the individual named in the certificate is covered under the …

Sec. 3. As used in this chapter, "certificate holder" means an individual to whom a certificate is issued. As added by P.L.275-1987, SEC.1.

Sec. 4. As used in this chapter, "insurance policy" means any policy, contract, subscriber agreement, rider, or endorsement delivered or issued for delivery in Indiana by an insurer, a fraternal benefit society, a nonprofit corporation, a health maintenance organization (as defin…

Sec. 4.5. As used in this chapter, "long term care facility" has the meaning set forth in IC 12-15-39.6-2. As added by P.L.75-1994, SEC.9. Amended by P.L.24-1997, SEC.63.

Sec. 5. (a) As used in this chapter, "long term care insurance policy" means an insurance policy providing coverage for at least twelve (12) consecutive months for each covered person on an expense incurred, indemnity, prepaid, or other basis for one (1) or more necessary diagnos…

Sec. 6. An insurance policy may be marketed, advertised, offered, or sold in Indiana as long term care insurance only if that policy complies with the requirements of this chapter. As added by P.L.275-1987, SEC.1.

Sec. 7. (a) The insurance commissioner shall adopt rules under IC 4-22-2 establishing standards of full and fair disclosure concerning long term care insurance policies. The standards must require disclosure of information concerning the following: (1) The sale of the policies. (…

Sec. 7.1. The department of insurance shall adopt rules under IC 4-22-2 that establish standards for the qualification of a long term care policy under IC 12-15-39.6. The rules must include the following: (1) The standards adopted under section 7 of this chapter. (2) The requirem…

Sec. 8. The insurance commissioner may not adopt a rule establishing loss ratio standards that apply to long term care insurance policies unless the rule exclusively concerns long term care insurance. As added by P.L.275-1987, SEC.1.

Sec. 9. An insurer that issues a long term care insurance policy may not cancel, decline to renew, or otherwise terminate the policy solely on the grounds of the age or deterioration in mental or physical health of the insured individual or certificate holder. As added by P.L.275…

Sec. 1. (a) As used in this chapter, "net worth" means the excess of total assets over total liabilities, excluding liabilities that have been subordinated in a manner acceptable to the commissioner. (b) For the purposes of computing net worth, the total assets must be reduced by…

Sec. 2. Before issuing a certificate of authority to a health maintenance organization, the commissioner shall require that the health maintenance organization: (1) have an initial net worth of at least one million five hundred thousand dollars ($1,500,000); and (2) maintain, aft…

Sec. 3. Except as provided in sections 4 and 5 of this chapter, a health maintenance organization shall maintain a minimum net worth equal to the greater of: (1) one million dollars ($1,000,000); (2) based on annual premium revenues as reported on the most recent annual financial…

Sec. 4. A health maintenance organization licensed before July 1, 1994, must maintain a net worth equal to the following: (1) Twenty-five percent (25%) of the amount required under section 3 of this chapter by December 31, 1994. (2) Fifty percent (50%) of the amount required unde…

Sec. 5. (a) In determining net worth under this chapter, a debt may not be considered fully subordinated unless: (1) the subordination clause is in a form acceptable to the commissioner; and (2) any interest obligation relating to the repayment of the subordinated debt is subordi…

Sec. 6. The commissioner may adopt rules to further define whether and to what extent the assets of a health maintenance organization may be considered admitted assets for purposes of complying with the requirements of this chapter. As added by P.L.26-1994, SEC.25.

Sec. 1. All or part of the consideration to be distributed to some or all of the eligible members may be delayed by more than six (6) months following the effective date of the plan of conversion if: (1) the plan of conversion includes a provision for the establishment of a trust…

Sec. 2. (a) At the effective date of the plan of conversion, assets adequate to satisfy a claim described in section 1 of this chapter, consisting of the consideration that otherwise would be distributed directly to eligible members, must be placed in trust under a trust agreemen…

Sec. 1. A discount medical card program organization shall approve in writing all advertisements, marketing materials, brochures, and discount cards before the advertisements, marketing materials, brochures, and discount cards are used by marketers. As added by P.L.73-2006, SEC.3…

Sec. 2. A discount medical card program organization: (1) shall enter into a written agreement with a marketer before the marketer may begin marketing, promoting, selling, or distributing the discount medical card program; and (2) is responsible and financially liable for any act…

Sec. 0.1. The amendments made to section 3.5 of this chapter by P.L.88-2000 apply to financial statements filed by an insurer after December 31, 1999. As added by P.L.220-2011, SEC.423.

Sec. 1. In addition to the general rights, privileges, and powers conferred by IC 27-1-5 through IC 27-1-13 and IC 27-11 and subject to the limitations and restrictions contained in this article and in the articles of incorporation, every casualty, fire, or marine insurance compa…

Sec. 10. Any insurance rating bureau which files any rating plan, manual, classifications, rules or rates for fire, marine or inland marine and allied risks insurance with the insurance department of the state of Indiana for its members or subscribers shall as a condition precede…

Sec. 11. At all such meetings of the governing body held at Indianapolis, Indiana, as set out in section 10 of this chapter, any aggrieved policyholder, insurance producer, company, representative, or any other aggrieved person may appear before such meeting to have complaints he…

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…