Indiana § 27-17-9-3 Option to maintain a deposit; income

Indiana Statutes

§ 27-17-9-3 — Option to maintain a deposit; income

Indiana·Title 27 INSURANCE·Art. 17 DISCOUNT MEDICAL CARD PROGRAM·Ch. 9 Financial Requirements

(a)A discount medical card program organization may, instead of maintaining a surety bond under section 2 of this chapter, maintain a deposit with:

(1)the commissioner; or

(2)at the discretion of the commissioner, an organization or a trustee approved by the commissioner and using a custodial or controlled account; cash, securities, a combination of cash and securities, or another measure approved by the commissioner and having at all times a market value equal to at least thirty-five thousand dollars ($35,000).

(b)Income that results from a deposit made under subsection (a) is an asset of the discount medical card program organization.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A discount medical card program
organization may, instead of maintaining a surety bond under section
2 of this chapter, maintain a deposit with:
(1) the commissioner; or
(2) at the discretion of the commissioner, an organization or a
trustee approved by the commissioner and using a custodial or
controlled account;
cash, securities, a combination of cash and securities, or another
measure approved by the commissioner and having at all times a
market value equal to at least thirty-five thousand dollars ($35,000).
(b) Income that results from a deposit made under subsection (a) is
an asset of the discount medical card program organization.

Indiana § 27-17-9-3 (Option to maintain a deposit; income) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.