Indiana § 27-1-15.6-24 Commercial property and casualty insurance

Indiana Statutes

§ 27-1-15.6-24 — Commercial property and casualty insurance

Indiana § 27-1-15.6-24

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 15.6Insurance Producers

This text of Indiana § 27-1-15.6-24 (Commercial property and casualty insurance) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-15.6-24 (2026).

Text

(a)This section applies to commercial property and casualty insurance coverage described in Class 2 and Class 3 of IC 27-1-5-1.

(b)A licensed insurance producer may charge a commercial insured a reasonable fee to reimburse the insurance producer for expenses incurred by the insurance producer at the specific request of the commercial insured, subject to the following requirements:

(1)Before incurring any expense described in this subsection, the insurance producer must provide written notice to the commercial insured stating that a fee will be charged and setting forth the:

(A)amount of the fee; or

(B)basis for calculating the fee.

(2)The amount of a fee and the basis for calculating a fee may not vary among commercial insureds.

(3)Any fee that is charged must be identified separate

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(a) This section applies to commercial
property and casualty insurance coverage described in Class 2 and
Class 3 of IC 27-1-5-1.
(b) A licensed insurance producer may charge a commercial insured
a reasonable fee to reimburse the insurance producer for expenses
incurred by the insurance producer at the specific request of the
commercial insured, subject to the following requirements:
(1) Before incurring any expense described in this subsection, the
insurance producer must provide written notice to the commercial
insured stating that a fee will be charged and setting forth the:
(A) amount of the fee; or
(B) basis for calculating the fee.
(2) The amount of a fee and the basis for calculating a fee may not
vary among commercial insureds.
(3) Any fee that is charged must be identified separately from
premium and itemized in any bill provided to the commercial
insured.
(c) A licensed insurance producer may charge a commercial insured
a reasonable fee for services that are provided at the request of the
commercial insured in connection with a policy that provides coverage
described in subsection (a) and for which the insurance producer does
not receive a commission or other compensation, subject to the
following requirements:
(1) Before providing services, the insurance producer must
provide to the commercial insured a written description of the
services to be provided and the fee for the services.
(2) Any fee that is charged must be identified separately from
premium and itemized in any bill provided to the commercial
insured.
(d) A licensed insurance producer who acts as a consultant and
provides services described in this section shall comply with the
requirements of this section and section 23 of this chapter.
(e) A licensed insurance producer may charge a late fee for agency
billed accounts or policies that are more than thirty (30) days
delinquent. A late fee may not exceed one and three quarters percent
(1.75%) per month of the amount due on the due date.