Indiana Code 27-1-25-12.2. Nonresident third party administrator license; commissioner refusal to issue license or delay of issuance; fees
(1) performs the duties of an administrator in Indiana; and
Terms Used In Indiana Code 27-1-25-12.2
- Administrator: means a person who directly or indirectly and on behalf of an insurer underwrites, collects charges or premiums from, or adjusts or settles claims on residents of Indiana in connection with life, annuity, or health coverage offered or provided by an insurer. See Indiana Code 27-1-25-1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-1-25-1
- Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
- Home state: means the District of Columbia or any state or territory of the United States in which an administrator is incorporated or maintains the administrator's principal place of business. See Indiana Code 27-1-25-1
- 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
- Insurance producer: has the meaning set forth in Indiana Code 27-1-25-1
- Nonresident administrator: means a person that applies for or holds a license under section 12. See Indiana Code 27-1-25-1
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
shall obtain a nonresident administrator license under this section by filing a uniform application for third party administrator license, accompanied by an application fee in an amount determined by the commissioner, with the commissioner. The commissioner shall deposit a fee paid under this subsection into the department of insurance fund established by IC 27-1-3-28.
(b) Unless the commissioner verifies the nonresident administrator’s home state license status through the centralized insurance producer license registry described in IC 27-1-15.6-7, a uniform application for third party administrator license filed under subsection (a) must be accompanied by a letter of certification from the nonresident administrator’s home state, verifying that the nonresident administrator holds a resident administrator license in the home state.
(c) A nonresident administrator is not eligible for a nonresident administrator license under this section unless the nonresident administrator is licensed as a resident administrator in a home state that has a law or regulation that is substantially similar to this chapter.
(d) Except as provided in subsections (b) and (h), the commissioner shall issue a nonresident administrator license to a nonresident administrator that makes a filing under subsections (a) and (b) upon receipt of the filing.
(e) Unless a nonresident administrator is notified by the commissioner that the commissioner is able to verify the nonresident administrator’s home state licensure through an electronic data base described in subsection (b), the nonresident administrator shall:
(1) on September 15 of each year, file a renewal application and a statement with the commissioner affirming that the nonresident administrator maintains a current license in the nonresident administrator’s home state; and
(2) pay to the commissioner a filing fee in an amount determined by the commissioner.
The commissioner shall deposit a filing fee paid under subdivision (2) into the department of insurance fund established by IC 27-1-3-28.
(f) A nonresident administrator that applies for licensure under this section shall:
(1) produce the accounts of the nonresident administrator;
(2) produce the records and files of the nonresident administrator for examination; and
(3) make the officers of the nonresident administrator available to provide information with respect to the affairs of the nonresident administrator;
when reasonably required by the commissioner.
(g) A nonresident administrator is not required to hold a nonresident administrator license in Indiana if the nonresident administrator’s function in Indiana is limited to the administration of life, health, or annuity coverage for a total of not more than one hundred (100) Indiana residents.
(h) The commissioner may refuse to issue or may delay the issuance of a nonresident administrator license if the commissioner determines that:
(1) due to events occurring; or
(2) based on information obtained;
after the nonresident administrator’s home state’s licensure of the nonresident administrator, the nonresident administrator is unable to comply with this chapter or grounds exist for the home state’s revocation or suspension of the nonresident administrator’s home state license.
(i) If the commissioner makes a determination described in subsection (h), the commissioner:
(1) shall provide written notice of the determination to the insurance regulator of the nonresident administrator’s home state; and
(2) may delay the issuance of a nonresident administrator license to the nonresident administrator until the commissioner determines that the nonresident administrator is able to comply with this chapter and that grounds do not exist for the home state’s revocation or suspension of the nonresident administrator’s home state license.
As added by P.L.160-2003, SEC.16. Amended by P.L.173-2007, SEC.17; P.L.234-2007, SEC.191; P.L.11-2011, SEC.20; P.L.124-2018, SEC.49.