Indiana Code 27-1-12.8-33. Accident and sickness insurance contracts
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Sec. 33. The following apply to accident and sickness insurance contracts:
(2) For accident and sickness insurance contracts issued before the operative date of the valuation manual, the minimum standard of valuation is the standard adopted by the commissioner in rules adopted under IC 4-22-2.
(1) For accident and sickness insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 20 of this chapter.
Terms Used In Indiana Code 27-1-12.8-33
- accident and sickness insurance: means insurance described in Class 1(b), Class 1(c)(2), or Class 2(a) of IC 27-1-5-1. See Indiana Code 27-1-12.8-1
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
As added by P.L.276-2013, SEC.10.