§ 27-1-20-30 — Rebate of premium or commission; unfair competition

Indiana § 27-1-20-30

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 20: Additional Provisions Pertaining to All Insurance

Text

(a) This section does not prohibit activities
allowed under IC 27-1-47.
(b) No company acting through its officers or members,
attorney-in-fact, or by any other party, no officer of a company acting
on the officer's own behalf and no insurance producer, broker, or
solicitor, personally or by any other party, shall offer, promise, allow,
give, set off or pay, directly or indirectly, any rebate of or part of the
premium payable on a policy, or any insurance producer's commission
thereon, or earnings, profits, dividends or other benefits founded,
arising, accruing, or to accrue thereon or therefrom, or any special
advantage in date of policy or age of issue, or any paid employment or
contract for services of any kind, or any other valuable consideration
or inducement, to or for insurance on any risk in this state, now or
hereafter to be written, or for or upon any renewal of any such
insurance, which is not specified in the policy contract of insurance, or
offer, promise, give, option, sell or purchase any stocks, bonds,
securities, or property, or any dividends or profits accruing or to accrue
thereon, or other thing of value whatsoever as inducement to insurance
or in connection therewith, or any renewal thereof, which is not
specified in the policy. Nothing in this section shall prevent a company
which transacts industrial life insurance on a weekly payment plan
from returning to policyholders who have made a premium payment for
a period of at least one (1) year directly to the company at its home or
district office a percentage of premium which the company would
otherwise have paid for the weekly collection of such premium, nor
shall this section be construed to prevent the taking of a bona fide
obligation, with legal interest, in payment of any premium.
(c) No insured person or party or applicant for insurance shall
directly or indirectly, receive or accept, or agree to receive or accept,
any rebate of premium or of any part thereof, or all or any part of any
insurance producer's or broker's commission thereon, or any favor or
advantage, or share in any benefit to accrue under any policy of
insurance, or any valuable consideration or inducement, other than
such as are specified in the policy.
Formerly: Acts 1935, c.162, s.273. As amended by Acts 1978,
P.L.2, SEC.2713; P.L.178-2003, SEC.20; P.L.196-2021,
SEC.20.