Sec. 8. (a) When an individual applies for health coverage provided under this chapter, the
nonprofit agricultural organization offering the health coverage shall inform the individual that the health coverage:
(1) is not considered insurance; and
Terms Used In Indiana Code 27-1-2.2-8
- Contract: A legal written agreement that becomes binding when signed.
- Department: means "the department of insurance" 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
- nonprofit agricultural organization: means an organization:
Indiana Code 27-1-2.2-1
(b) An individual entering into a contract for health coverage under this chapter must acknowledge that the coverage:
(1) is not considered insurance; and
(2) is not subject to the administrative rules of the department of insurance.
(c) The acknowledgment required by subsection (b) must be in a writing signed by the individual. The nonprofit agricultural organization shall:
(1) keep a copy of the written acknowledgment for the entire duration of the contract under which the individual is provided coverage under this chapter; and
(2) provide a copy of the acknowledgment to the individual at the individual’s request.
As added by P.L.136-2020, SEC.1.
