§ 24-4.5-4-203 — Filing and approval of rates and forms

(1) A creditor may not use a form, or a
schedule of premium rates or charges, the filing of which is required by
this section, if the insurance commissioner has disapproved the form
or schedule and has notified the insurer of his disapproval. A creditor
may not use a form or schedule unless:
(a) the form or schedule has been on file with the insurance
commissioner for thirty (30) days, or has earlier been approved by
him; and
(b) the insurer has complied with this section with respect to the
insurance.
(2) Except as provided in subsection (3), all policies, certificates of
insurance, notices of proposed insurance, applications for insurance,
endorsements and riders relating to consumer credit insurance
delivered or issued for delivery in this state, and the schedules of
premium rates or charges pertaining thereto, shall be filed by the
insurer with the insurance commissioner. Within thirty (30) days after
the filing of any form or schedule, he shall disapprove it if the premium
rates or charges are unreasonable in relation to the benefits provided
under the form, or if the form contains provisions which are unjust,
unfair, inequitable, or deceptive, or encourage misrepresentation of the
coverage, or are contrary to any provision of IC 27 or of any rule
promulgated under IC 27.
(3) If a group policy has been delivered in another state, the forms
to be filed by the insurer with the insurance commissioner are the
group certificates and notices of proposed insurance. He shall approve
them if:
(a) they provide the information that would be required if the
group policy were delivered in this state; and
(b) the applicable premium rates or charges do not exceed those
established by his rules.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by
P.L.152-1986, SEC.68.
(Part 3. Property and Liability Insurance)