§ 27-2-21-17 — Incorrect or incomplete credit information; notice; remedy

Indiana § 27-2-21-17

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 2: POWERS AND DUTIES OF INSURERS
• Ch. 21: Use of Credit Information

Text

(a) If:
(1) a determination is made through the dispute resolution process
set forth in the federal Fair Credit Reporting Act, 15 U.S.C.
1681i(a)(5), that the credit information of a current insured was
incorrect or incomplete; and
(2) the insurer receives notice of the determination from the
consumer reporting agency or the insured;
the insurer shall re-underwrite and re-rate the insured not more than
thirty (30) days after receiving the notice.
(b) After an insurer re-underwrites or re-rates an insured as
described in subsection (a), the insurer shall:
(1) make necessary adjustments, consistent with the insurer's
underwriting and rating guidelines; and
(2) if the insurer determines that the insured has overpaid a
premium, refund to the insured the amount of overpayment
calculated back to the shorter of the:
(A) immediately preceding twelve (12) month period of
coverage; or
(B) actual policy period.

Legislative History

As added by P.L.201-2003, SEC.1.