The Indiana Insurance Department ("Department") recently amended its Non-Resident Third Party Administrator Application ("Non-Resident TPA Application").
Specifically, effective May 1, 2013, the Department's Non-Resident TPA Application was amended with the addition of a new Section ("Section 3"). Section 3 of the Non-Resident TPA application requires TPAs renewing their TPA licenses in Indiana to:
-
list the states in which they are licensed or applying as a TPA; and
-
list the states in which they are licensed or engaged in business as a TPA.
According to the Department, there were two reasons for the addition of Section 3 to its Non-Resident TPA Application. First, there isn't a national database that keeps track of where TPAs are licensed. Second, the Department indicated it had several instances last year where a few TPAs provided falsified state TPA licenses in an attempt to obtain a TPA license in Indiana. With the addition of this new section to the Non-Resident TPA Application, the Department will have additional information to help it verify the states in which a TPA is properly licensed.
