IC 27-17-9-3: Option to maintain a deposit; income

Sec. 3. (a) A discount medical card program organization may, instead of maintaining a surety bond under section 2 of this chapter, maintain a deposit with:

(1) the commissioner; or

(2) at the discretion of the commissioner, an organization or a trustee approved by the commissioner and using a custodial or controlled account;

cash, securities, a combination of cash and securities, or another measure approved by the commissioner and having at all times a market value equal to at least thirty-five thousand dollars ($35,000).

(b) Income that results from a deposit made under subsection (a) is an asset of the discount medical card program organization.