§ 27-2-15-4.5 — Notice to enforcement authority of existence of policy

Indiana § 27-2-15-4.5

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 2: POWERS AND DUTIES OF INSURERS
• Ch. 15: Available Insurance Proceeds Set Aside

Text

5. (a) An insurer that:
(1) issued an insurance policy that:
(A) covers a building or other structure that is:
(i) located in a municipality governed by this chapter; and
(ii) damaged by a fire or explosion; and
(B) is in effect at the time that the fire or explosion occurs; and
(2) receives notice of a claim for the damage by the named
insured;
shall, not more than fifteen (15) days after a final settlement is reached,
notify the enforcement authority of the municipality about the existence
of the policy.
(b) The notice to an enforcement authority required by subsection
(a) must:
(1) be in writing;
(2) identify the insurer and state the insurer's address; and
(3) identify the building or structure and state the location of the
building or structure.
(c) The commissioner may take action under IC 27-1-3-10 and IC 27-1-3-19 against an insurer that violates this section.

Legislative History

As added by P.L.123-1992, SEC.1. Amended by P.L.119-2012, SEC.159; P.L.238-2013, SEC.7.