Indiana Code 27-2-21-17. Incorrect or incomplete credit information; notice; remedy
(1) a determination is made through the dispute resolution process set forth in the federal Fair Credit Reporting Act, 15 U.S.C. § 1681i(a)(5), that the credit information of a current insured was incorrect or incomplete; and
Terms Used In Indiana Code 27-2-21-17
- consumer: means an:
Indiana Code 27-2-21-5
- credit information: means credit related information:
Indiana Code 27-2-21-7
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- insured: means an individual entitled to coverage under a personal insurance policy. See Indiana Code 27-2-21-12
- insurer: refers to an insurer (as defined in IC 27-1-2-3) that issues a personal insurance policy. See Indiana Code 27-2-21-13
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
the insurer shall re-underwrite and re-rate the insured not more than thirty (30) days after receiving the notice.
(b) After an insurer re-underwrites or re-rates an insured as described in subsection (a), the insurer shall:
(1) make necessary adjustments, consistent with the insurer’s underwriting and rating guidelines; and
(2) if the insurer determines that the insured has overpaid a premium, refund to the insured the amount of overpayment calculated back to the shorter of the:
(A) immediately preceding twelve (12) month period of coverage; or
(B) actual policy period.
As added by P.L.201-2003, SEC.1.