Sec. 7.2. (a) Notwithstanding any other provision of this chapter, a nonresident public adjuster who receives a
certificate of authority under this chapter shall maintain licensure as a public adjuster in good standing in the nonresident public adjuster’s home state.
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Terms Used In Indiana Code 27-1-27-7.2
- certificate of authority: means an instrument in writing issued by the department to an insurer, which sets out the authority of such insurer to engage in the business of insurance or activities connected therewith. See Indiana Code 27-1-2-3
- Commissioner: means the "insurance commissioner" 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
(1) in the commissioner’s sole discretion;
(2) without a hearing; and
(3) in addition to any other sanction allowed by law;
suspend any Indiana insurance producer license or certificate of authority held by the nonresident public adjuster until the commissioner receives notice from the nonresident public adjuster’s home state that the home state license is in effect.
As added by P.L.72-2016, SEC.16.
