Notice of right to return policy

Sec. 20. (a) All individual accident and health insurance policies, other than those issued pursuant to direct response solicitation, must have a notice prominently printed on the first page of the policy stating in substance that the policyholder has the right to return the policy: (1) except as provided in subdivision (2), within ten (10) days of its delivery; or (2) if the policy is a travel accident insurance policy, until the earlier of: (A) thirty (30) days after the policy is delivered; or (B) the date of departure; and to have the premium refunded if, after examination of the policy, the insured person is not satisfied for any reason. (b) All accident and health insurance policies issued pursuant to a direct response solicitation must have a notice prominently printed on the first page stating in substance that the policyholder has the right to return the policy: (1) except as provided in subdivision (2), within thirty (30) days of its delivery; or (2) if the policy is a travel accident insurance policy, until the earlier of: (A) thirty (30) days after the policy is delivered; or (B) the date of departure; and to have the premium refunded if, after examination of the policy, the insured person is not satisfied for any reason. (c) Notwithstanding subsection (b), a short term health insurance policy that is written for a period of less than sixty-one (61) days and issued under a direct response solicitation must have a notice prominently printed on the first page stating in substance that the policyholder has the right to return the policy within ten (10) days after the policy's delivery and to have the premium refunded if, after examination of the policy, the insured person is not satisfied for any reason.