1. (a) The following definitions apply throughout this section:

   1. (1) "Drawing" means an activity in which:

      1. (A) multiple participating persons could possibly receive a prize; and
      2. (B) the person or persons who receive a prize are determined by chance, as by randomly drawing one (1) or more names or numbers from among many names or numbers.
   2. (2) "Gift" means the voluntary transfer of anything of value without consideration.
   3. (3) "Prize" means something of value received by a person as the result of a drawing.

2. (b) Notwithstanding any other provision of this title, an insurer, an employee of an insurer, or an insurance producer may do the following:

   1. (1) Offer and give one (1) or more gifts to a person in connection with marketing for the sale or retention of a contract of insurance if the reasonable value of all gifts given by the insurer, employee, or producer to a person in one (1) year does not exceed two hundred fifty dollars ($250).

   2. (2) Conduct a drawing if:

      1. (A) persons participating in the drawing do not pay or incur a cost for their participation; and
      2. (B) the value of the prize or prizes received by any single person participating in the drawing does not exceed five hundred dollars ($500).

3. (c) Neither:

   1. (1) a gift given under subsection (b)(1); nor

   2. (2) a prize received in a drawing conducted under subsection (b)(2);

      may be in the form of cash.

As added by P.L.196-2021, SEC.33. Amended by P.L.9-2022, SEC.50.