Indiana Code 27-1-34-8. Reinsurers and insurance producers; multiple employer welfare arrangement
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Sec. 8. (a) A reinsurer may not issue a policy of insurance to a multiple employer welfare arrangement that does not have a certificate of registration from the department.
(c) A reinsurer or insurance producer who knows or reasonably should have known that the arrangement does not have a current certificate of registration is liable for any claims for benefits that are due and unpaid.
(b) An insurance producer licensed by the department may not solicit, offer, or provide coverage through a multiple employer welfare arrangement that does not have a certificate of registration from the department.
Terms Used In Indiana Code 27-1-34-8
- arrangement: refers to a multiple employer welfare arrangement. See Indiana Code 27-1-34-1
- 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
- multiple employer welfare arrangement: means an entity other than a duly admitted insurer that establishes an employee benefit plan for the purpose of offering or providing accident and sickness or death benefits to the employees of at least two (2) employers, including self-employed individuals and their dependents. See Indiana Code 27-1-34-1
- Reinsurer: means an insurer that:
Indiana Code 27-1-2-3
As added by P.L.1-1992, SEC.149. Amended by P.L.178-2003, SEC.30.