- (a) This section applies to commercial property and casualty insurance coverage described in Class 2 and Class 3 of IC 27-1-5-1 .
(b) A licensed insurance producer may charge a commercial insured a reasonable fee to reimburse the insurance producer for expenses incurred by the insurance producer at the specific request of the commercial insured, subject to the following requirements:
(1) Before incurring any expense described in this subsection, the insurance producer must provide written notice to the commercial insured stating that a fee will be charged and setting forth the:
- (A) amount of the fee; or
- (B) basis for calculating the fee.
- (2) The amount of a fee and the basis for calculating a fee may not vary among commercial insureds.
- (3) Any fee that is charged must be identified separately from premium and itemized in any bill provided to the commercial insured.
(c) A licensed insurance producer may charge a commercial insured a reasonable fee for services that are provided at the request of the commercial insured in connection with a policy that provides coverage described in subsection (a) and for which the insurance producer does not receive a commission or other compensation, subject to the following requirements:
- (1) Before providing services, the insurance producer must provide to the commercial insured a written description of the services to be provided and the fee for the services.
- (2) Any fee that is charged must be identified separately from premium and itemized in any bill provided to the commercial insured.
- (d) A licensed insurance producer who acts as a consultant and provides services described in this section shall comply with the requirements of this section and section 23 of this chapter.
- (e) A licensed insurance producer may charge a late fee for agency billed accounts or policies that are more than thirty (30) days delinquent. A late fee may not exceed one and three quarters percent (1.75%) per month of the amount due on the due date.
As added by P.L.132-2001, SEC.3.