Section 27-8-5.7-6 - Payment or denial of claims; interest(a) An insurer shall pay or deny each clean claim as follows: (1) If the claim is filed electronically, within thirty (30) days after the date the claim is received by the insurer.(2) If the claim is filed on paper, within forty-five (45) days after the date the claim is received by the insurer.(b) If: (1) an insurer fails to pay or deny a clean claim in the time required under subsection (a); and(2) the insurer subsequently pays the claim; the insurer shall pay the provider that submitted the claim interest on the accident and sickness insurance policy allowable amount of the claim paid under this section.
(c) Interest paid under subsection (b): (1) accrues beginning: (A) thirty-one (31) days after the date the claim is filed under subsection (a)(1); or(B) forty-six (46) days after the date the claim is filed under subsection (a)(2); and(2) stops accruing on the date the claim is paid.(d) In paying interest under subsection (b), an insurer shall use the same interest rate as provided in IC 12-15-21-3(7)(A).As added by P.L. 162-2001, SEC.5.