- (a) The money in the fund shall be used to provide annual scholarships to insurance students who qualify under section 9 of this chapter. The commission shall determine the amount of money to be allocated from the fund for scholarships under this chapter.
(b) A scholarship awarded under this chapter may be used only for the payment of tuition or fees that are:
- (1) approved by the state educational institution that awards the scholarship; and
- (2) not otherwise payable under any other scholarship or form of financial assistance specifically designated for tuition or fees.
- (c) Subject to section 8(c) of this chapter, each scholarship awarded under this chapter is renewable under section 9 of this chapter for a total number of terms that does not exceed the number of terms that constitutes four (4) undergraduate academic years.
As added by P.L.173-2007, SEC.4. Amended by P.L.281-2013, SEC.25.