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 state
student 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 insurance
education 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 a
student 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" has
the 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 established
to encourage and promote qualified individuals to pursue a career in
insurance in Indiana.
(b) The fund consists of amounts deposited under
IC 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 from
money in the fund.
(c) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from the investments shall be deposited in the fund.
(d) Money in the fund at the end of a state fiscal year does not
revert 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 annual
scholarships to insurance students who qualify under section 9 of this
chapter. The commission shall determine the amount of money to be
allocated from the fund for scholarships under this chapter.
(b) A scholarship awarded under this chapter may be used only
for the payment of tuition or fees that are:
(1) approved by the state educational institution that awards the
scholarship; and
(2) not otherwise payable under any other scholarship or form
of financial assistance specifically designated for tuition or fees.
(c) Subject to section 8(c) of this chapter, each scholarship
awarded under this chapter is renewable under section 9 of this
chapter for a total number of terms that does not exceed eight (8)
full-time semesters (or the equivalent) or twelve (12) full-time
quarters (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 the
commission with the most recent information concerning the number
of insurance students at each state educational institution.
(b) The commission shall allocate the available money from the
fund 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 each
state educational institution based upon the information received by
the commission under subsection (a).
(c) Each state educational institution shall determine which of the
state educational institution's insurance students who apply qualify
under section 9 of this chapter. In addition, the state educational
institution shall consider the need of the applicant when awarding
scholarships under this chapter.
(d) The state educational institution may not grant a scholarship
renewal to an insurance student for an academic year that ends later
than six (6) years after the date on which the insurance student
received the insurance student's initial scholarship under this chapter.
(e) Any funds that:
(1) are allocated to a state educational institution under section
8(b) of this chapter; and
(2) are not used for scholarships under this chapter;
shall be returned to the commission for reallocation by the
commission to any other eligible state educational institution in need
of 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 from
the fund, an insurance student must:
(1) be admitted to an approved state educational institution as
a full-time or part-time insurance student; and
(2) meet the qualifications established by the commission under
section 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 accurate
records in administering the fund, including records concerning the
scholarships awarded under this chapter.
(b) Each state educational institution shall provide the
commission with information concerning the following:
(1) The awarding of scholarships under this chapter.
(2) The academic progress made by each recipient of a
scholarship 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 and
scholarship renewals under this chapter.
(b) The commission shall adopt rules under IC 4-22-2 necessary
to carry out this chapter.
As added by P.L.173-2007, SEC.4.