§ 27-8-5.7-6 — Payment or denial of claims; interest

Indiana § 27-8-5.7-6

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 5.7: Accident and Sickness Insurance; Provider Payment

Text

(a) An insurer shall pay or deny each clean
claim as follows:
(1) If the claim is filed electronically, within thirty (30) days after
the date the claim is received by the insurer.
(2) If the claim is filed on paper, within forty-five (45) days after
the date the claim is received by the insurer.
(b) If:
(1) an insurer fails to pay or deny a clean claim in the time
required under subsection (a); and
(2) the insurer subsequently pays the claim;
the insurer shall pay the provider that submitted the claim interest on
the accident and sickness insurance policy allowable amount of the
claim paid under this section.
(c) Interest paid under subsection (b):
(1) accrues beginning:
(A) thirty-one (31) days after the date the claim is filed under
subsection (a)(1); or
(B) forty-six (46) days after the date the claim is filed under
subsection (a)(2); and
(2) stops accruing on the date the claim is paid.
(d) In paying interest under subsection (b), an insurer shall use the
same interest rate as provided in IC 12-15-21-3(7)(A).

Legislative History

As added by P.L.162-2001, SEC.5.