§ 27-1-15.9-15 — Charges; funds

Indiana § 27-1-15.9-15

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 15.9: Portable Electronics Insurance

Text

The following apply to charges for
portable electronics insurance:
(1) The charges may be billed and collected by the vendor.
(2) If the insurance cost is not included in the cost associated with
the purchase or lease of portable electronics, the insurance cost
must be separately itemized on the insured customer's bill.
(3) If the insurance cost is included in the cost associated with the
purchase or lease of portable electronics, the vendor shall clearly
and conspicuously disclose to the insured customer that the
portable electronics insurance cost is included with the cost of the
portable electronics.
(4) A vendor that bills and collects the charges shall maintain
collected funds in a segregated account unless the:
(A) insurer that issues the portable electronics insurance policy
authorizes the vendor to hold the funds in an alternative
manner; and
(B) vendor remits the funds to the supervising entity less than
sixty (60) days after the vendor receives the funds.
(5) All funds received by the vendor from an insured customer for
the sale of portable electronics insurance are considered to be
funds held in trust by the vendor in a fiduciary capacity for the
benefit of the insurer.
(6) A vendor may receive from an insurer compensation for
billing and collection services.

Legislative History

As added by P.L.4-2012, SEC.3.