Indiana Code 27-1-20-36. Health insurer withdrawal from individual market
Current as of: 2023 | Check for updates
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Sec. 36. (a) As used in this section, “health insurance” means the kind of coverage provided under a health insurance plan.
(1) An individual policy of accident and sickness insurance (as defined in IC 27-8-5-1). However, the term does not include the coverages described in IC 27-8-5-2.5(a).
(b) As used in this section, “health insurance plan” means any of the following:
Terms Used In Indiana Code 27-1-20-36
- 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
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
(2) An individual contract (as defined in IC 27-13-1-21).
(c) As used in this section, “insurer” is limited to a person that enters into, issues, or delivers a health insurance plan on an individual basis in Indiana.
(d) An insurer shall, at least one hundred eighty (180) days before withdrawing from the individual health insurance market in Indiana, provide to the department written notice of the insurer’s intent to withdraw.
As added by P.L.81-2012, SEC.9.