CHAPTER 9. FINANCIAL REQUIREMENTS

IC 27-17-9

    

Chapter 9. Financial Requirements

IC 27-17-9-1

Application; exemption

    

Sec. 1. This chapter does not apply to a person that is exempt
from registration under IC 27-17-2.

As added by P.L.73-2006, SEC.3.

IC 27-17-9-2

Surety bond requirements

    

Sec. 2. Except as provided in section 3 of this chapter, a discount
medical card program organization shall maintain in force a surety
bond issued:

        (1) by an insurer granted a certificate of authority under this
title;

        (2) in the discount medical card organization's name; and

        (3) in an amount equal to at least thirty-five thousand dollars
($35,000);

for the commissioner's use in protecting the financial interest of a
cardholder who may be adversely affected by the insolvency of the
discount medical card program organization.

As added by P.L.73-2006, SEC.3.

IC 27-17-9-3

Option to maintain a deposit; income

    

Sec. 3. (a) A discount medical card program organization may,
instead of maintaining a surety bond under section 2 of this chapter,
maintain a deposit with:

        (1) the commissioner; or

        (2) at the discretion of the commissioner, an organization or a
trustee approved by the commissioner and using a custodial or
controlled account;

cash, securities, a combination of cash and securities, or another
measure approved by the commissioner and having at all times a
market value equal to at least thirty-five thousand dollars ($35,000).

    (b) Income that results from a deposit made under subsection (a)
is an asset of the discount medical card program organization.

As added by P.L.73-2006, SEC.3.

IC 27-17-9-4

Assets or securities not subject to levy

    

Sec. 4. Assets or securities held in Indiana as a deposit under this
chapter are not subject to levy by a judgment creditor or other
claimant, except the commissioner, against the discount medical card
program organization.

As added by P.L.73-2006, SEC.3.