§ 27-8-4-7 — Filing of documents; disapproval of form of policy; effect; withdrawal of approval; review

Indiana § 27-8-4-7

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 4: Credit Life and Credit Accident and Health Insurance

Text

(a) All policies, certificates of insurance, notices
of proposed insurance, applications for insurance, endorsements, and
riders delivered or issued for delivery in this state and the schedules of
premium rates pertaining thereto shall be filed with the commissioner.
(b) The commissioner shall, within thirty (30) days after the filing
of any such policies, certificates of insurance, notices of proposed
insurance, applications for insurance, endorsements, and riders,
disapprove any such form if the benefits provided therein are not
reasonable in relation to the premium charge, or if it contains
provisions which are unjust, unfair, inequitable, misleading, deceptive,
or encourage misrepresentation of the coverage, or are contrary to any
provision of this title or of a rule promulgated under this title.
(c) If the commissioner notifies the insurer that the form is
disapproved, it shall be unlawful thereafter for such insurer to issue or
use such form. In such notice, the commissioner shall specify the
reason for his disapproval and state that a hearing will be granted
within twenty (20) days after request in writing by the insurer. No such
policy, certificate of insurance, notice of proposed insurance, nor any
application, endorsement, or rider, shall be issued or used until the
expiration of thirty (30) days after it has been so filed, unless the
commissioner shall give his prior written approval thereto.
(d) The commissioner may, at any time after a hearing held not less
than twenty (20) days after written notice to the insurer, withdraw his
approval of any such form on any ground set forth in subsection (b).
The written notice of such hearing shall state the reason for the
proposed withdrawal.
(e) It shall be unlawful for the insurer to issue such forms or use
them after the effective date of such withdrawal.
(f) If a group policy of credit life insurance or credit accident and
health insurance:
(1) has been delivered by an insurer in this state before July 6,
1961; or
(2) has been or is delivered by an insurer in another state before
or after July 6, 1961;
such insurer shall be required to file only the group certificate and
notice of proposed insurance delivered or issued for delivery in this
state as specified in sections 6(b) and 6(d) of this chapter, and such
forms shall be approved by the commissioner if they conform with the
requirements specified in sections 6(b) and 6(d) and if the schedules of
premium rates applicable to the insurance evidenced by such certificate
or notice are not in excess of the insurer's schedules of premium rates
on file with the commissioner; provided, however, that the premium
rate in effect on group policies existing on July 6, 1961, may be
continued until the first policy anniversary date following the date this
section becomes operative as provided in section 12 of this chapter.
(g) Any order or final determination of the commissioner under the
provisions of this section shall be subject to judicial review.
Formerly: Acts 1961, c.47, s.7. As amended by P.L.252-1985,
SEC.299.