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

Indiana Statutes

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

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

(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

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(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.

Indiana § 27-2-21-17 (Incorrect or incomplete credit information; notice; remedy) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.