Sec. 30. (a) This section does not prohibit activities allowed under IC 27-1-47.
(b) No company acting through its officers or members, attorney-in-fact, or by any other party, no officer of a company acting on the officer's own behalf and no insurance producer, broker, or solicitor, personally or by any other party, shall offer, promise, allow, give, set off or pay, directly or indirectly, any rebate of or part of the premium payable on a policy, or any insurance producer's commission thereon, or earnings, profits, dividends or other benefits founded, arising, accruing, or to accrue thereon or therefrom, or any special advantage in date of policy or age of issue, or any paid employment or contract for services of any kind, or any other valuable consideration or inducement, to or for insurance on any risk in this state, now or hereafter to be written, or for or upon any renewal of any such insurance, which is not specified in the policy contract of insurance, or offer, promise, give, option, sell or purchase any stocks, bonds, securities, or property, or any dividends or profits accruing or to accrue thereon, or other thing of value whatsoever as inducement to insurance or in connection therewith, or any renewal thereof, which is not specified in the policy. Nothing in this section shall prevent a company which transacts industrial life insurance on a weekly payment plan from returning to policyholders who have made a premium payment for a period of at least one (1) year directly to the company at its home or district office a percentage of premium which the company would otherwise have paid for the weekly collection of such premium, nor shall this section be construed to prevent the taking of a bona fide obligation, with legal interest, in payment of any premium.
(c) No insured person or party or applicant for insurance shall directly or indirectly, receive or accept, or agree to receive or accept, any rebate of premium or of any part thereof, or all or any part of any insurance producer's or broker's commission thereon, or any favor or advantage, or share in any benefit to accrue under any policy of insurance, or any valuable consideration or inducement, other than such as are specified in the policy.
Formerly: Acts 1935, c.162, s.273. As amended by Acts 1978, P.L.2, SEC.2713; P.L.178-2003, SEC.20; P.L.196-2021, SEC.20.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 20. Additional Provisions Pertaining to All Insurance Companies
27-1-20-1. Insurance of Deposited Securities
27-1-20-3. Eligibility of Investments for Deposit; Existing Investments
27-1-20-4. Revaluation of Investments Omitting Interest or Dividends
27-1-20-5. Deposit of Securities Acquired From Foreign Life Insurer Under Reinsurance Agreement
27-1-20-7. Withdrawal From Deposit to Pledge for Loan; Effect; Redeposit
27-1-20-9. Substitution of Securities on Deposit; Withdrawal of Securities in Excess of Requirements
27-1-20-10. Disposition of Interest Earned by Securities on Deposit
27-1-20-11. Discontinuance of Business; Procedure for Return of Deposited Securities
27-1-20-12. Retaliatory Provisions
27-1-20-13. Fees of Secretary of State
27-1-20-14. Pension Plan for Officers and Employees
27-1-20-15. Automatic Revocation of Authority for Failure to Timely Complete Organization
27-1-20-19. Misrepresentation of Funds Available to Pay Losses or Policy Claims
27-1-20-20. Financial Statement; Requirements; Violations; Penalties
27-1-20-21. Annual Financial Statement; Microfilm Copies
27-1-20-21.2. Civil Penalty; Failure to Comply With Ic 27-1-20-21
27-1-20-21.3. Actuarial Opinions
27-1-20-22. Verification of Accounts and Reports
27-1-20-26. Exemption From Article of a Farm Mutual Insurance Company
27-1-20-27. Exemption of Domestic Mutual Fire Insurance Companies
27-1-20-29. Exemption of Abstract and Title Insurance Companies
27-1-20-30. Rebate of Premium or Commission; Unfair Competition
27-1-20-31. Restrictions on Interlocking Directorates
27-1-20-32. Effect of Captions
27-1-20-33. Annual Statement Blank, Additional Filings and Quarterly Statements; Filings With Naic
27-1-20-35. Insurer Response to Department Request
27-1-20-36. Health Insurer Withdrawal From Individual Market