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6-8-11-5. "Higher deductible"

IN Code § 6-8-11-5 (2019) (N/A)
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Sec. 5. (a) As used in this chapter, for calendar year 1996, "higher deductible" means a deductible of:

(1) not less than one thousand dollars ($1,000); and

(2) not more than five thousand dollars ($5,000).

(b) For calendar years after 1996, the term means a deductible of:

(1) not less than the figure set forth in subsection (a)(1), adjusted under subsection (c); and

(2) not more than the figure set forth in subsection (a)(2), adjusted under subsection (c).

(c) The adjustments referred to in subsections (b)(1) and (b)(2):

(1) may reflect increases in the general level of prices since 1995; and

(2) must be based on:

(A) the Consumer Price Index updated monthly by the Bureau of Labor Statistics of the United States Department of Labor; or

(B) other figures issued by the government of the United States to indicate increases in the general level of prices in the United States.

As added by P.L.92-1995, SEC.2 and P.L.93-1995, SEC.2.

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