Sec. 9. (a) The use of a
certificate of insurance form that:
(1) is unfair, misleading, or deceptive; or
Terms Used In Indiana Code 27-1-42-9
- certificate of insurance: means a document prepared by an insurer or insurance producer as evidence of property or casualty insurance coverage. See Indiana Code 27-1-42-2
- commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-1-42-3
- department: refers to the department of insurance created by IC 27-1-1-1. See Indiana Code 27-1-42-4
- 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
is an unfair and deceptive act or practice in the business of insurance under IC 27-4-1-4.
(b) If:
(1) the commissioner has reason to believe that a certificate of insurance form is described in subsection (a)(1) or (a)(2); and
(2) the certificate of insurance form was provided by a financial institution;
the commissioner may refer the matter to the department of financial institutions for review under IC 28.
As added by P.L.70-2013, SEC.1.
