Sec. 3. (a) If an insurer refuses to renew a policy of insurance written by the insurer, the insurer shall mail written notice of nonrenewal to the insured:

(1) at least forty-five (45) days before the expiration date of the policy, if the coverage provided is for one (1) year, or less; or

Terms Used In Indiana Code 27-1-31-3

  • 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
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) at least forty-five (45) days before the anniversary date of the policy, if the coverage provided is for more than one (1) year.

     (b) A notice of nonrenewal is not required if:

(1) the insured is transferred from an insurer to an affiliate of the insurer for future coverage; and

(2) the transfer results in the same or broader coverage.

As added by P.L.271-1987, SEC.4. Amended by P.L.160-2003, SEC.23; P.L.148-2017, SEC.7; P.L.196-2021, SEC.28.

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