1. (a) The commission shall allocate the available money from the fund to each state educational institution that has:

   1. (1) an insurance program; or

   2. (2) a business program with an emphasis on insurance;

      in proportion to the number of insurance students enrolled at each state educational institution.

2. (b) Each state educational institution shall determine which of the state educational institution's insurance students who apply qualify under section 9 of this chapter. In addition, the state educational institution shall consider the need of the applicant when awarding scholarships under this chapter.
3. (c) The state educational institution may not grant a scholarship renewal to an insurance student for an academic year that ends later than six (6) years after the date on which the insurance student received the insurance student's initial scholarship under this chapter.

4. (d) Any funds that:

   1. (1) are allocated to a state educational institution under subsection (a); and

   2. (2) are not used for scholarships under this chapter;

      shall be returned to the commission for reallocation by the commission to any other eligible state educational institution in need of additional funds.

As added by P.L.173-2007, SEC.4. Amended by P.L.107-2012, SEC.30.