1. (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.

2. (b) A scholarship awarded under this chapter may be used only for the payment of tuition or fees that are:

   1. (1) approved by the state educational institution that awards the scholarship; and
   2. (2) not otherwise payable under any other scholarship or form of financial assistance specifically designated for tuition or fees.
3. (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.