Authority: IC 20-42.5-2-1

Affected: IC 4-21.5-3

Sec. 16. (a) All vendors providing services to the risk pool shall fully and completely disclose to the risk pool any and all compensation received by the vendor associated with the services provided by the vendor to the risk pool. The disclosure shall be:

1. (1) in writing; and
2. (2) delivered to the risk pool annually on or before March 1.

(b) No insurance producer or any affiliate of a producer may accept or receive any compensation from an insurer or other third party for placement of insurance for the risk pool unless the producer or affiliate has, prior to the purchase of the insurance, obtained the written acknowledgment and consent of the risk pool.

(c) If the commissioner finds that any vendor has committed a material violation of this section, the risk pool shall not be permitted to continue to receive services from that vendor. The commissioner shall notify the risk pool and vendor in writing of the reasons for the findings. Not later than sixty (60) days after receiving a notice from the commissioner under this subsection, the risk pool or vendor may make a written demand upon the commissioner for a hearing to determine the reasonableness of the commissioner's action. The hearing shall be:

1. (1) held within sixty (60) days from the date of receipt of the written demand of the risk pool or vendor; and
2. (2) conducted in accordance with IC 4-21.5-3.

(Department of Insurance; 760 IAC 1-75-16; filed Apr 14, 2008, 10:28 a.m.: 20080514-IR-760070144FRA; readopted filed Nov 17, 2014, 3:39 p.m.: 20141217-IR-760140197RFA; readopted filed Nov 24, 2020, 10:27 a.m.: 20201223-IR-760200464RFA)