§ 27-1-27-4 — Certificates of authority; application; renewal; surety bond

Indiana § 27-1-27-4

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 27: Public Adjusters

Text

(a) Each applicant for a certificate of authority
as a public adjuster shall file with the commissioner of insurance an
application therefor on forms furnished by the commissioner of
insurance, which application shall set forth:
(1) the name and address of the applicant, and if the applicant be
a corporation, the name and address of each of its officers and
directors;
(2) whether the person is applying as a resident or nonresident;
(3) whether any license or certificate of authority as insurance
producer, broker, public adjuster, or independent adjuster has
been issued previously by the commissioner of insurance of the
state of Indiana or by the insurance department of any other state,
any territorial possession of the United States, or any foreign
country to the applicant; and
(4) the business or employment in which the applicant has been
engaged for the five (5) years next preceding the date of the
application, and the name and address of such business and the
name or names and addresses of the applicant's employer or
employers.
(b) An application for any certificate of authority must be signed
and verified under oath by the applicant.
(c) An annual fee of fifty dollars ($50) is to be paid to the
commissioner of insurance by the applicant for such public adjuster's
certificate of authority before the application or annual renewal thereof
is granted. However, the commissioner may, by rule adopted under IC 4-22-2, change the amount of the fee to an amount necessary to pay all
of the direct and indirect costs of administering this chapter. Fees
collected shall be used by the department to administer this chapter.
(d) Every public adjuster's certificate of authority shall expire on
December 31 of the calendar year in which the same shall have been
issued, but if an application for the renewal of such certificate shall
have been filed with the commissioner of insurance before January 1
of any year, the certificate of authority sought to be renewed shall
continue in full force and effect until the issuance by the commissioner
of insurance of the new certificate applied for or until five (5) days
after the commissioner of insurance shall have refused to issue such
new certificate and shall have served notice of such refusal on the
applicant therefor. Service of such notice shall be made by registered
mail directed to the applicant at the place of business specified in the
application.
(e) The applicant shall file with the commissioner of insurance a
surety bond in a sum equal to ten thousand dollars ($10,000) payable
to the state of Indiana and conditioned on the principal's faithful
performance and discharge of the principal's duties under this title and
under any rule of the department of insurance. The bond must be
renewed annually.

Legislative History

As added by P.L.257-1983, SEC.1. Amended by P.L.178-2003, SEC.29.