§ 27-2-28-6 — "Material change"

Indiana § 27-2-28-6

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 2: POWERS AND DUTIES OF INSURERS
• Ch. 28: Notice of Material Change

Text

(a) As used in this chapter, "material change"
means:
(1) an increase of more than ten percent (10%) over the expiring
premium for; or
(2) another adverse or unfavorable change in the terms of
coverage or amount of;
insurance in connection with a personal automobile or homeowner's
policy.
(b) The term does not include the following:
(1) An increase in the insurer's filed rate plan and automatic
inflationary increases.
(2) An additional premium due to a change initiated by the
insured, such as:
(A) adding or removing vehicles or drivers;
(B) adding an endorsement;
(C) adding additional coverages;
(D) adding covered premises; or
(E) increasing coverage limits or deductibles.
(3) An additional premium due to a change in risk exposure as a
result of the insured's participation in a usage based or telematics
insurance program.
(4) Changes resulting from a property inspection.

Legislative History

As added by P.L.226-2023, SEC.20.