Sec. 32. (a) The department shall adopt rules under IC 4-22-2 to set fees for licensure under this chapter, IC 27-1-15.7, and IC 27-1-15.8.

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Terms Used In Indiana Code 27-1-15.6-32

  • Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
  • 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
     (b) Insurance producer and limited lines producer license renewal fees are due every two (2) years. The fee charged by the department every two (2) years for a:

(1) resident license is forty dollars ($40);

(2) nonresident license is ninety dollars ($90); and

(3) designated home state license is ninety dollars ($90).

     (c) Consultant renewal fees are due every twenty-four (24) months.

     (d) Surplus lines producer renewal fees are due every two (2) years. The fee charged by the department every two (2) years for a:

(1) resident license is eighty dollars ($80); and

(2) nonresident license is one hundred twenty dollars ($120).

     (e) The commissioner may issue a duplicate license for any license issued under this chapter. The fee charged by the commissioner for the issuance of a duplicate:

(1) insurance producer license;

(2) surplus lines producer license;

(3) limited lines producer license; or

(4) consultant license;

may not exceed ten dollars ($10).

     (f) A fee charged and collected under this section shall be deposited into the department of insurance fund established by IC 27-1-3-28.

As added by P.L.132-2001, SEC.3. Amended by P.L.173-2007, SEC.13; P.L.234-2007, SEC.190; P.L.146-2015, SEC.23.

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