February 4, 2005



DIGEST OF SB 362 (Updated February 3, 2005 12:08 pm - DI 110)

Citations Affected: IC 27-2.

Synopsis: Notice of existence of insurance policy. Requires certain insurers to notify enforcement authorities in a second class city concerning the existence of coverage for a building or structure that is located in the city and damaged by fire or explosion.

Effective: July 1, 2005.

Broden, Clark

    January 11, 2005, read first time and referred to Committee on Insurance and Financial Institutions.
    February 3, 2005, reported favorably _ Do Pass.

February 4, 2005

First Regular Session 114th General Assembly (2005)

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 this style type.
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    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 27-2-15-4.5; (05)SB0362.1.1. -->     SECTION 1. IC 27-2-15-4.5 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 4.5. (a) As used in this section, "city" refers to a second class city. having a population of more than thirty-five thousand (35,000) that is located in a county having a population of more than four hundred thousand (400,000) but less than seven hundred thousand (700,000).
    (b) An insurer that issued an insurance policy covering a building or other structure that is:
        (1) located in a city; and
        (2) damaged by a fire or explosion;
shall notify the enforcement authority of the city about the existence of the policy. However, an insurer is not required to notify the enforcement authority under this section if the policy issued by the insurer is not in effect at the time of the fire or explosion that damages the building or structure.
    (c) The insurer shall provide the notice required under this section if the enforcement authority makes a request for the notice within

twenty (20) days after the damage occurs.
    (d) The notice required by this section must:
        (1) be in writing;
        (2) identify the insurer and state the insurer's address;
        (3) identify the building or structure and state the location of the building or structure; and
        (4) disclose the nature and extent of the coverage of the building or structure provided by the policy.
    (e) An insurer shall provide notice to the enforcement authority under this section within ten (10) days after the insurer is notified under subsection (c) of the damaging of the building or structure by fire or explosion.
    (f) The commissioner may take action under IC 27-1-3-10 and IC 27-1-3-19 against an insurer that violates this section.