Contract Compliance Checklist Template - Free Download | Page 2
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Contract Reference
Location
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IC 27-1-33-7(6)
Appropriate underwriting guidelines, including the following:
(a) Maximum annual premium volume
(b) Basis of the rates to be charged.
(c) Types of risks which may be written.
(d) Maximum limits of liability
(e) Applicable exclusions.
(f) Territorial limitations
(g) Policy cancellation provisions
(h) Maximum policy period.
IC 27-1-33-7(7)
The Insurer has the right to cancel or non-renew any policy of insurance subject
to the applicable laws and regulations concerning the cancellation and non-
renewal of insurance policies.
IC 27-1-33-7(8)
If the contract permits the MGA to settle claims on behalf of the insurer the
following apply:
(A) All claims must be reported to the company in a timely
manner
(B) A copy of the claim file will be sent to the insurer at its
request or as soon as it becomes known that the claim:
(i) Has the potential to exceed an amount determined by
the commissioner or exceeds the limit set by the
company, whichever is less;
(ii) Involves a coverage dispute:
(iii) May exceed the MGA's claims settlement authority;
(iv) Is open for more than six (6) months; or
(v) Is closed by payment of an amount set by the
commissioner or an amount set by the company,
whichever is less.
( C) All claim files will be joint property of the insurer and
MGA. However, upon an order of liquidation of the insurer,
those files shall become the sole property of the insurer of its
estate. The MGA shall have reasonable access to and the
right to copy the files on a timely basis.
(D) Any settlement authority granted to the MGA may be
terminated for cause upon the insurer's written notice to the
MGA or upon the termination of the contract. The insurer
may suspend the settlement authority during the pendency
of any dispute regarding the cause for termination.
source: in.gov
