Sec. 8. (a) A group administrator may, if authorized by the insurer, aggregate the group members’ premiums and remit the premiums to the insurer or insurance producer.

     (b) If an insurer authorizes payment of premiums as described in subsection (a), payment of a premium by a group member to the group administrator is considered to be payment to the insurer.

Terms Used In Indiana Code 27-1-41-8

  • group: means the following:

    Indiana Code 27-1-41-2

  • group administrator: means the officers or directors of a group or any other person legally vested with the responsibility to manage the affairs of a group. See Indiana Code 27-1-41-3
  • 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
  • member: means one who holds a contract of insurance or is insured in an insurance company other than a stock corporation. See Indiana Code 27-1-2-3
  • premium: means money or any other thing of value paid or given in consideration to an insurer, insurance producer, or solicitor on account of or in connection with a contract of insurance and shall include as a part but not in limitation of the above, policy fees, admission fees, membership fees and regular or special assessments and payments made on account of annuities. See Indiana Code 27-1-2-3
     (c) An employer or group administrator of a group described in section 2(2) of this chapter may remit premiums to an insurer through an employee benefit plan.

As added by P.L.32-2012, SEC.2.

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