Indiana Code 27-1-47-3. Value-added products or services that may be offered or provided
(1) the value-added products or services:
Terms Used In Indiana Code 27-1-47-3
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
- 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
(B) are made available based on documented, objective criteria; and
(2) the documented, objective criteria under which the value-added products or services are offered are maintained for inspection by the insurance commissioner within thirty (30) days after the insurance commissioner’s request for inspection.
(b) The products and services that may be offered or provided for free or for less than fair market value under subsection (a) include but are not limited to the following:
(1) Loss control, including wellness programs.
(2) Claim filing assistance.
(3) Administration of the continuation of health benefits requirements of the Consolidated Omnibus Budget Reconciliation Act (COBRA).
(4) Compliance with the requirements of the Health Insurance Portability and Accountability Act (HIPAA).
(5) Risk management or analysis.
(6) Regulatory and legislative updates.
(7) Group policy administration.
(8) Payroll, accounting, and tax services.
(9) Legal and human resources.
(10) Referrals to third-party service providers that offer discounted rates.
(c) A value-added product or service that is provided for free or for less than fair market value under subsection (a) by:
(1) an insurer, acting by or through its employee, affiliate, insurance producer, or a third-party representative; or
(2) an insurance producer, acting on the insurance producer’s own behalf;
shall be provided along with contact information for the purpose of ensuring that the consumer is assisted with questions concerning the product or service.
As added by P.L.196-2021, SEC.33. Amended by P.L.226-2023, SEC.19.