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.