Bill Text: IN HB1015 | 2011 | Regular Session | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Insurance matters.
Spectrum: Partisan Bill (Republican 4-0)
Status: (Passed) 2011-05-16 - SECTIONS 7 through 11 effective 07/01/2011 [HB1015 Detail]
Download: Indiana-2011-HB1015-Engrossed.html
February 17, 2011, read first time and referred to Committee on Insurance and Financial Institutions.
March 24, 2011, amended, reported favorably _ Do Pass.
April 4, 2011, read second time, amended, ordered engrossed.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear inthis style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type orthis style type reconciles conflicts
between statutes enacted by the 2010 Regular Session of the General Assembly.
Bill Title: Insurance matters.
Spectrum: Partisan Bill (Republican 4-0)
Status: (Passed) 2011-05-16 - SECTIONS 7 through 11 effective 07/01/2011 [HB1015 Detail]
Download: Indiana-2011-HB1015-Engrossed.html
Reprinted
April 5, 2011
ENGROSSED
HOUSE BILL No. 1015
_____
DIGEST OF HB 1015
(Updated April 4, 2011 4:42 pm - DI 84)
Citations Affected: IC 27-8.
Synopsis: Long term care insurance commissions. Makes changes to
limitations on long term care insurance commission amounts.
Effective: July 1, 2011.
Torr
, Noe
, Frizzell
, Brown C
(SENATE SPONSORS _ PAUL, SIMPSON)
(SENATE SPONSORS _ PAUL, SIMPSON)
January 5, 2011, read first time and referred to Committee on Insurance.
January 20, 2011, amended, reported _ Do Pass.
January 24, 2011, read second time, ordered engrossed. Engrossed.
January 25, 2011, read third time, passed. Yeas 83, nays 2.
SENATE ACTION
February 17, 2011, read first time and referred to Committee on Insurance and Financial Institutions.
March 24, 2011, amended, reported favorably _ Do Pass.
April 4, 2011, read second time, amended, ordered engrossed.
Reprinted
April 5, 2011
First Regular Session 117th General Assembly (2011)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
ENGROSSED
HOUSE BILL No. 1015
A BILL FOR AN ACT to amend the Indiana Code concerning
insurance.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 27-8-12-18; (11)EH1015.2.1. -->
SECTION 1. IC 27-8-12-18, AS AMENDED BY P.L.173-2007,
SECTION 29, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2011]: Sec. 18. (a) An insurer or other entity that provides a
commission to an insurance producer or other representative for the
sale of a long term care insurance policy may not violate the following
conditions:
(1) Theamount of the first year insurer or other entity shall, for
at least six (6) years, pay to the insurance producer or other
representative an annual commission for selling or servicing the
policy. may not exceed two hundred percent (200%) of the
amount of the commission paid in the second year.
(2) The amount of commission provided in years after thesecond
first year must be equal to the amount provided in the second
determined based on the premium charged for the long term
care insurance policy during the first year.
(3) A commission must be provided each year for at least five (5)
years after the first year.
(b) If an existing long term care policy or certificate is replaced, the insurer or other entity that issues the replacement policy may not provide, and its insurance producer may not accept, a commission in an amount greater than the renewal commission payable by the replacing insurer on renewal policies, unless the benefits of the replacement policy or certificate are clearly and substantially greater than the benefits under the replaced policy or certificate.
(c) This section does not apply to the following:
(1) Life insurance policies and certificates.
(2) A policy or certificate that is sponsored by an employer for the benefit of:
(A) the employer's employees; or
(B) the employer's employees and their dependents.
(1) The
(2) The amount of commission provided in years after the
(b) If an existing long term care policy or certificate is replaced, the insurer or other entity that issues the replacement policy may not provide, and its insurance producer may not accept, a commission in an amount greater than the renewal commission payable by the replacing insurer on renewal policies, unless the benefits of the replacement policy or certificate are clearly and substantially greater than the benefits under the replaced policy or certificate.
(c) This section does not apply to the following:
(1) Life insurance policies and certificates.
(2) A policy or certificate that is sponsored by an employer for the benefit of:
(A) the employer's employees; or
(B) the employer's employees and their dependents.
