Indiana Code 27-1-34-8.5. Stop loss policy issued to arrangement providing benefits to public entity
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Sec. 8.5. (a) This section applies:
(2) only with respect to the benefits provided by the arrangement to a public entity.
(1) only to an arrangement that provides benefits for a public entity; and
Terms Used In Indiana Code 27-1-34-8.5
- 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
- Reinsurer: means an insurer that:
Indiana Code 27-1-2-3
(b) A policy of stop loss insurance issued by a reinsurer to an arrangement providing benefits under this chapter must cover claims submitted within:
(1) the timely filing limit of the policy; and
(2) the policy provisions of the stop loss coverage.
(c) The department may not adopt or enforce any rule that would reduce the timely filing limit specified in the policy and the policy provisions of the stop loss coverage.
As added by P.L.226-2023, SEC.16.