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IN HB1139
Bill
Status
1/5/2017
Primary Sponsor
Mike Braun
Click for details
AI Summary
HB 1139 Summary
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Allows out-of-state accident and sickness insurers licensed in accredited states to sell policies to Indiana residents without obtaining an Indiana certificate of authority, provided they comply with state examination and premium tax requirements.
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Out-of-state insurers must comply with IC 27-1-18-2, the new chapter requirements, and applicable laws of their home state to issue policies in Indiana.
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The Indiana Insurance Commissioner may conduct market conduct and solvency examinations of out-of-state insurers and may adopt rules to review and limit premium rate changes on these policies.
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Out-of-state insurers must provide two required notices in 12-point bold type at policy issuance and renewal, disclosing that the policy is governed by the home state's laws (not Indiana's) and may provide fewer benefits than Indiana-mandated policies.
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Effective July 1, 2017.
Legislative Description
Out-of-state health insurance. Allows an accident and sickness insurer that is licensed in certain other states, but is not licensed in Indiana, and that complies with the state examination and insurance premium tax requirements, to issue a policy of accident and sickness insurance to a resident of Indiana without complying with other Indiana insurance law.
Last Action
Representative Hamm added as coauthor
2/9/2017