Loading chat...
IN SB0304
Bill
AI Summary
-
Allows out-of-state accident and sickness insurers licensed in states with accredited insurance departments to issue individual policies to Indiana residents without obtaining an Indiana license certificate of authority.
-
Out-of-state insurers must comply with IC 27-1-18-2, the new chapter requirements, and applicable law in their home state, but are exempt from other Indiana insurance regulations.
-
Indiana Insurance Commissioner may conduct market conduct and solvency examinations of out-of-state insurers and adopt rules to review and limit premium rate changes on these policies.
-
Out-of-state insurers must provide two notices in 12-point bold type at policy issuance and renewal disclosing that the policy is governed by another state's laws, may allow higher premium increases, and may exclude Indiana-mandated health benefits.
-
Effective July 1, 2017.
Legislative Description
Individual 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 complies with the state examination and premium tax requirements, to issue or deliver an individual policy of accident and sickness insurance to an individual resident of Indiana without complying with other Indiana insurance law.
Last Action
First reading: referred to Committee on Insurance and Financial Institutions
1/9/2017