Indiana Code 27-1-31-3. Notice of nonrenewal
(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
(b) This subsection does not apply to worker’s compensation insurance. 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 at least sixty (60) days before the anniversary date of the policy if the coverage is provided to a municipality (as defined in IC 36-1-2-11) or county entity.
(c) 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; P.L.158-2024, SEC.11.