Section 27-2-28-9 - Requirements applying to notice of material change(a) A written notice provided under section 8(a)(1) or 8(c) of this chapter: (1) must: (A) be sufficiently clear; and(B) use language sufficiently specific; to enable the insured to identify the basis for the insurer's decision to make the material change;
(2) must include a description of the principal factors most heavily weighed by an insurer in making a material change, listed in no particular order; and(3) may provide a point of contact through which the insured may discuss the reasons for the material change.(b) A statement that: (1) the material change is based on the insurer's internal standards, policies, or models;(2) the insured failed to achieve a particular score on the insurer's scoring system; or(3) contains generalized terms, such as "poor credit history", "poor credit rating", or "poor insurance score"; does not meet the requirements set forth in subsection (a).
(c) This section does not require the disclosure of factors that are otherwise disclosed to the insured.Added by P.L. 226-2023,SEC. 20, eff. 7/1/2023.