CHAPTER 9. INSURANCE EDUCATION SCHOLARSHIP FUND

IC 21-12-9
    Chapter 9. Insurance Education Scholarship Fund

IC 21-12-9-1
"Commission"
    Sec. 1. As used in this chapter, "commission" refers to the statestudent assistance commission established by IC 21-11-2-1.
As added by P.L.173-2007, SEC.4.

IC 21-12-9-2
"Fund"
    Sec. 2. As used in this chapter, "fund" refers to the insuranceeducation scholarship fund established by section 5 of this chapter.
As added by P.L.173-2007, SEC.4.

IC 21-12-9-3
"Insurance student"
    Sec. 3. As used in this chapter, "insurance student" means astudent who studies or intends to study:
        (1) insurance; or
        (2) business with an emphasis on insurance.
As added by P.L.173-2007, SEC.4.

IC 21-12-9-4
"State educational institution"
    Sec. 4. As used in this chapter, "state educational institution" hasthe meaning set forth in IC 21-7-13-32.
As added by P.L.173-2007, SEC.4.

IC 21-12-9-5
Establishment of fund
    Sec. 5. (a) The insurance education scholarship fund is establishedto encourage and promote qualified individuals to pursue a career ininsurance in Indiana.
    (b) The fund consists of amounts deposited underIC 27-1-15.6-7.3.
As added by P.L.173-2007, SEC.4.

IC 21-12-9-6
Administration of fund; nonreverting
    Sec. 6. (a) The commission shall administer the fund.
    (b) The expenses of administering the fund shall be paid frommoney in the fund.
    (c) The treasurer of state shall invest the money in the fund notcurrently needed to meet the obligations of the fund in the samemanner as other public funds may be invested. Interest that accruesfrom the investments shall be deposited in the fund.
    (d) Money in the fund at the end of a state fiscal year does notrevert to the state general fund.
As added by P.L.173-2007, SEC.4.
IC 21-12-9-7
Scholarships
    Sec. 7. (a) The money in the fund shall be used to provide annualscholarships to insurance students who qualify under section 9 of thischapter. The commission shall determine the amount of money to beallocated from the fund for scholarships under this chapter.
    (b) A scholarship awarded under this chapter may be used onlyfor the payment of tuition or fees that are:
        (1) approved by the state educational institution that awards thescholarship; and
        (2) not otherwise payable under any other scholarship or formof financial assistance specifically designated for tuition or fees.
    (c) Subject to section 8(c) of this chapter, each scholarshipawarded under this chapter is renewable under section 9 of thischapter for a total number of terms that does not exceed eight (8)full-time semesters (or the equivalent) or twelve (12) full-timequarters (or the equivalent).
As added by P.L.173-2007, SEC.4.

IC 21-12-9-8
Allocation of funds; awards of scholarships
    Sec. 8. (a) The commission for higher education shall provide thecommission with the most recent information concerning the numberof insurance students at each state educational institution.
    (b) The commission shall allocate the available money from thefund to each state educational institution that has:
        (1) an insurance program; or
        (2) a business program with an emphasis on insurance;
in proportion to the number of insurance students enrolled at eachstate educational institution based upon the information received bythe commission under subsection (a).
    (c) Each state educational institution shall determine which of thestate educational institution's insurance students who apply qualifyunder section 9 of this chapter. In addition, the state educationalinstitution shall consider the need of the applicant when awardingscholarships under this chapter.
    (d) The state educational institution may not grant a scholarshiprenewal to an insurance student for an academic year that ends laterthan six (6) years after the date on which the insurance studentreceived the insurance student's initial scholarship under this chapter.
    (e) Any funds that:
        (1) are allocated to a state educational institution under section8(b) of this chapter; and
        (2) are not used for scholarships under this chapter;
shall be returned to the commission for reallocation by thecommission to any other eligible state educational institution in needof additional funds.
As added by P.L.173-2007, SEC.4.

IC 21-12-9-9 Qualification for scholarship
    Sec. 9. To qualify for a scholarship or a scholarship renewal fromthe fund, an insurance student must:
        (1) be admitted to an approved state educational institution asa full-time or part-time insurance student; and
        (2) meet the qualifications established by the commission undersection 11 of this chapter.
As added by P.L.173-2007, SEC.4.

IC 21-12-9-10
Record keeping
    Sec. 10. (a) The commission shall maintain complete and accuraterecords in administering the fund, including records concerning thescholarships awarded under this chapter.
    (b) Each state educational institution shall provide thecommission with information concerning the following:
        (1) The awarding of scholarships under this chapter.
        (2) The academic progress made by each recipient of ascholarship under this chapter.
        (3) Other pertinent information requested by the commission.
As added by P.L.173-2007, SEC.4.

IC 21-12-9-11
Rulemaking
    Sec. 11. (a) The commission shall adopt rules under subsection(b) to establish qualifications for recipients of scholarships andscholarship renewals under this chapter.
    (b) The commission shall adopt rules under IC 4-22-2 necessaryto carry out this chapter.
As added by P.L.173-2007, SEC.4.