Indiana Code 27-2-15-4.5. Notice to enforcement authority of existence of policy
(1) issued an insurance policy that:
Terms Used In Indiana Code 27-2-15-4.5
- enforcement authority: has the meaning set forth in IC 36-7-9-2. See Indiana Code 27-2-15-3
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- insurer: means a fire and marine insurance company, as defined in IC 27-1-2-3(u). See Indiana Code 27-2-15-4
- municipality: has the meaning set forth in IC 36-1-2-11. See Indiana Code 27-2-15-4.2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(i) located in a municipality governed by this chapter; and
(ii) damaged by a fire or explosion; and
(B) is in effect at the time that the fire or explosion occurs; and
(2) receives notice of a claim for the damage by the named insured;
shall, not more than fifteen (15) days after a final settlement is reached, notify the enforcement authority of the municipality about the existence of the policy.
(b) The notice to an enforcement authority required by subsection (a) must:
(1) be in writing;
(2) identify the insurer and state the insurer’s address; and
(3) identify the building or structure and state the location of the building or structure.
(c) The commissioner may take action under IC 27-1-3-10 and IC 27-1-3-19 against an insurer that violates this section.
As added by P.L.123-1992, SEC.1. Amended by P.L.119-2012, SEC.159; P.L.238-2013, SEC.7.