Indiana § 27-6-8-3 - Scope

§ 27-6-8-3. Scope

Sec. 3. This chapter applies to all kinds of direct insurance except:

(1) life, annuity, health, or disability insurance;

(2) mortgage guaranty, financial guaranty, or other forms of insurance offering protection against investment risks;

(3) fidelity or surety bonds, or any other bonding obligations;

(4) credit insurance, vendors' single interest insurance, or collateral protection insurance or similar insurance with the primary purpose of protecting the interests of a creditor arising out of a creditor-debtor transaction;

(5) other than coverages that may be set forth in a cybersecurity insurance policy, warranty or service contract insurance, including insurance that provides:

(A) for the repair, replacement, or service of goods or property;

(B) indemnification for repair, replacement, or service for the operational or structural failure of the goods or property due to a defect in materials, workmanship, or normal wear and tear; or

(C) reimbursement for the liability incurred by the issuer of agreements or service contracts that provide the benefits described in clauses (A) and (B);

(6) title insurance;

(7) ocean marine insurance;

(8) a transaction between a person or an affiliate of a person and an insurer or an affiliate of an insurer that involves the transfer of investment or credit risk without a transfer of insurance risk;

(9) insurance provided by or guaranteed by a government entity; and

(10) insurance written on a retroactive basis to cover known losses for which a claim has already been made and the claim is known to the insurer at the time the insurance is bound.

Formerly: Acts 1971, P.L.390, SEC.1. As amended by P.L.163-1988, SEC.1; P.L.31-1988, SEC.20; P.L.86-2026, SEC.11.