§ 27-1-22-18 — Deviation from authorized premium charge; discounts and rebates as inducement to insure; commissions for insurance producers

Indiana § 27-1-22-18

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 22: Regulation of Insurance Rates

Text

(a) This section does not prohibit activities
allowed under IC 27-1-47.
(b) No insurer, broker, or insurance producer shall knowingly
charge, demand, or receive a premium for any policy of insurance
except in accordance with the provisions of this chapter. No insurer or
employee thereof, and no broker or insurance producer shall pay, allow,
or give, directly or indirectly, as an inducement to insurance, or after
insurance has been effected, any rebate, discount, abatement, credit, or
reduction of the premium named in a policy of insurance, or any
special favor or advantage in the dividends or other benefits to accrue
thereon, or any valuable consideration or inducement whatever, not
specified in the policy of insurance, except to the extent provided for
in applicable filings. No insured named in any policy of insurance shall
knowingly receive or accept, directly or indirectly, any such rebate,
discount, abatement, credit or reduction of premium, or any such
special favor or advantage or valuable consideration or inducement.
Nothing in this section shall be construed as prohibiting the payment
of, nor permitting the regulation of the payment of, commissions or
other compensation to duly licensed insurance producers and brokers,
nor as prohibiting, or permitting the regulation of, any insurer from
allowing or returning to its participating policyholders or members,
dividends or savings.
Formerly: Acts 1967, c.133, s.18. As amended by P.L.252-1985,
SEC.119; P.L.178-2003, SEC.25; P.L.196-2021, SEC.21.