Sec. 8. (a) An administrator may not enter into an agreement or understanding with an insurer if the effect of the agreement or understanding is to make the amount of a:
(1) commission;
(2) fee; or
(3) charge;
that is payable to the administrator contingent on savings effected in the adjustment, settlement, and payment of losses covered by the insurer's obligations.
(b) This section does not prevent an administrator from receiving performance based compensation for providing hospital auditing services or other auditing services.
As added by Acts 1980, P.L.168, SEC.2. Amended by P.L.26-1991, SEC.21; P.L.160-2003, SEC.12.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 25. Insurance Administrators
27-1-25-3. Presumptions as to Payment of Premiums and Claims
27-1-25-5.5. Insurer Responsibilities
27-1-25-6. Fiduciary Status of Administrator; Fiduciary Accounts
27-1-25-8. Administrator Compensation
27-1-25-9. Delivery of Written Communications
27-1-25-10. Notice of Relationship; Statement of Premiums or Charges
27-1-25-12.3. Resident Administrator Annual Filings
27-1-25-12.4. Denial, Suspension, or Revocation of Administrator License
27-1-25-13. Public Documents; Confidentiality; Financial Information