Indiana Code 27-1-15.6-23. Insurance consultant license
(1) An attorney licensed to practice law in Indiana acting in the attorney’s professional capacity.
Terms Used In Indiana Code 27-1-15.6-23
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- corporation: means an insurance company and includes all persons, partnerships, corporations, associations, orders or societies engaged in or proposing to engage in making any kind of insurance authorized by the laws 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
- 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
- Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
(3) A trust officer of a bank acting in the normal course of the trust officer’s employment.
(4) An actuary or a certified public accountant who provides information, recommendations, advice, or services in the actuary’s or certified public accountant’s professional capacity.
(b) An application for a license to act as an insurance consultant shall be made to the commissioner on forms prescribed by the commissioner. An applicant may limit the scope of the applicant’s consulting services by stating the limitation in the application. The areas of allowable consulting services are:
(1) Class 1, consulting regarding the kinds of insurance specified in IC 27-1-5-1, Class 1; and
(2) Class 2 and Class 3, consulting regarding the kinds of insurance specified in IC 27-1-5-1, Class 2 and Class 3.
Within a reasonable time after receipt of a properly completed application form, the commissioner shall hold a written examination for the applicant that is limited to the type of consulting services designated by the applicant, and may conduct investigations and propound interrogatories concerning the applicant’s qualifications, residence, business affiliations, and any other matter that the commissioner considers necessary or advisable in order to determine compliance with this chapter or for the protection of the public.
(c) For purposes of this subsection, “consultant’s fee” does not include a late fee charged under section 24 of this chapter or fees otherwise allowed by law. A consultant shall provide consultant services as outlined in a written agreement. The agreement must be signed by the person receiving services, and a copy of the agreement must be provided to the person receiving services before any services are performed. The agreement must outline the nature of the work to be performed by the consultant and the method of compensation of the consultant. The signed agreement must be retained by the consultant for not less than two (2) years after completion of the services. A copy of the agreement shall be made available to the commissioner. In the absence of an agreement on the consultant’s fee, the consultant shall not be entitled to recover a fee in any action at law or in equity.
(d) An individual or corporation shall not concurrently hold a consultant license and an insurance producer’s license, surplus lines producer’s license, or limited lines producer’s license at any time.
(e) A licensed consultant shall not:
(1) employ;
(2) be employed by;
(3) be in partnership with; or
(4) receive any remuneration whatsoever;
from a licensed insurance producer, surplus lines producer, or limited lines producer or insurer, except that a consultant may be compensated by an insurer for providing consulting services to the insurer.
(f) A consultant license shall be valid for not longer than twenty-four (24) months and may be renewed and extended in the same manner as an insurance producer’s license. The commissioner shall designate on the license the consulting services that the licensee is entitled to perform.
(g) All requirements and standards relating to the denial, revocation, or suspension of an insurance producer’s license, including penalties, apply to the denial, revocation, and suspension of a consultant license as nearly as practicable.
(h) A consultant is obligated under the consultant’s license to:
(1) serve with objectivity and complete loyalty solely the insurance interests of the consultant’s client; and
(2) render the client such information, counsel, and service as within the knowledge, understanding, and opinion, in good faith of the licensee, best serves the client’s insurance needs and interests.
(i) The form of a written agreement required by subsection (c) must be filed with the commissioner not less than thirty (30) days before the form is used. If the commissioner does not expressly approve or disapprove the form within thirty (30) days after filing, the form is considered approved. At any time after notice and for cause shown, the commissioner may withdraw approval of a form effective thirty (30) days after the commissioner issues notice that the approval is withdrawn.
As added by P.L.132-2001, SEC.3. Amended by P.L.193-2006, SEC.4.