reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 33. Managing General Agents › 27-1-33-4. Managing General Agent

Sec. 4. (a) As used in this chapter, "managing general agent" or "MGA" means any person, firm, association, or corporation:
(1) that manages all or part of the insurance business of an insurer (including the management of a separate division, department, or underwriting office);
(2) that acts as an agent for the insurer, whether known as a managing general agent, manager, or other similar term;
(3) that, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium at least five percent (5%) of the policyholder surplus as reported in the last annual statement of the insurer in any one (1) quarter or year; and
(4) that does at least one (1) of the following activities related to the business produced:
(A) Adjusts or pays claims in excess of an amount determined by the commissioner.
(B) Negotiates reinsurance on behalf of the insurer.
(b) Notwithstanding subsection (a), the following persons are not MGAs for the purposes of this chapter:
(1) An employee of the insurer.
(2) A United States manager of the United States branch of an alien insurer.
(3) An underwriting manager that, pursuant to contract:
(A) manages all or part of the insurance operations of the insurer;
(B) is under common control with the insurer, subject to IC 27-1-23; and
(C) is not compensated based on the volume of premiums written.
(4) An attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer as authorized in IC 27-6-6-1 or an interinsurance exchange as authorized in IC 27-1-2-2 under powers of attorney.
As added by P.L.1-1992, SEC.148. Amended by P.L.130-1994, SEC.34; P.L.116-1994, SEC.44.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 33. Managing General Agents › 27-1-33-6. Acting in Capacity of Mga With Respect to Risks; Prohibitions; Bond; Errors and Omissions Policy

Sec. 6. (a) A person, a firm, an association, or a corporation may not act in the capacity of an MGA with respect to risks located in Indiana for an insurer licensed in Indiana unless that person is a licensed producer in Indiana.
(b) A person, a firm, an association, or a corporation may not act in the capacity of an MGA representing an insurer domiciled in Indiana with respect to risks located outside Indiana unless that person is licensed as a producer in Indiana pursuant to the provisions of this chapter. For the purposes of this subsection, a person is licensed as a producer in Indiana if that person holds a nonresident license.
(c) The commissioner may require a bond in an amount determined by the commissioner for the protection of the insurer.
(d) The commissioner may require an MGA to maintain an errors and omissions policy.
As added by P.L.1-1992, SEC.148.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 33. Managing General Agents › 27-1-33-8. Independent Financial Examination; Loss Reserves; On-Site Review of Underwriting and Claims; Reinsurance; Termination of Contracts; Review of Books and Records; Board of Directors

Sec. 8. (a) An insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business.
(b) If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the MGA. This requirement is in addition to any other required loss reserve certification.
(c) The insurer shall periodically (at least semiannually) conduct an on-site review of the underwriting and claims processing operations of the MGA.
(d) Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who may not be affiliated with the MGA.
(e) Within thirty (30) days after entering into or terminating a contract with an MGA, the insurer shall provide written notification of the appointment or termination to the commissioner. Notices of appointment of an MGA must include a statement of duties that the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request.
(f) An insurer shall review its books and records each quarter to determine if any producer (as defined by section 4 of this chapter) has become, by operation of section 4 of this chapter, an MGA. If the insurer determines that a producer has become an MGA pursuant to section 4 of this chapter, the insurer shall promptly notify the producer and the commissioner of that determination, and the insurer and producer shall fully comply with the provisions of this chapter within thirty (30) days.
(g) An insurer shall not appoint to its board of directors an officer, a director, an employee, a subproducer, or a controlling shareholder of its MGAs. This subsection does not apply to relationships governed by IC 27-1-23.
(h) An insurance holding company system regulated under IC 27-1-23 may perform the obligations imposed by this section for insurers affiliated in the system by submitting, in a form acceptable to the commissioner, consolidated information concerning the MGAs with whom the insurers have done business.
As added by P.L.1-1992, SEC.148. Amended by P.L.116-1994, SEC.45.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 33. Managing General Agents › 27-1-33-9. Actions of Mga; Examinations

Sec. 9. The acts of the MGA are considered to be the acts of the insurer on whose behalf the MGA is acting. An MGA may be examined as if it were the insurer.
As added by P.L.1-1992, SEC.148.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 33. Managing General Agents › 27-1-33-10. Violations; Penalties; Civil Actions

Sec. 10. (a) If the commissioner determines that the MGA or any other person has not materially complied with this chapter or any rule or order adopted under this chapter, after notice and opportunity to be heard:
(1) the commissioner may order:
(A) for each separate violation, a civil penalty in an amount not exceeding five thousand dollars ($5,000); and
(B) the revocation or suspension of the producer's license; and
(2) if it is found that because of such material noncompliance the insurer has suffered any loss or damage, the commissioner may maintain a civil action brought by or on behalf of the insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the insurer and its policyholders and creditors or other appropriate relief.
(b) If an order of rehabilitation or liquidation of the insurer has been entered under IC 27-9 and the receiver appointed under that order determines that the MGA or any other person has not materially complied with this chapter or any rule or order adopted under this chapter and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.
(c) Nothing contained in this section affects the right of the commissioner to impose any other penalties provided for by law.
(d) Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.
As added by P.L.1-1992, SEC.148. Amended by P.L.130-1994, SEC.35; P.L.116-1994, SEC.46.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 34. Multiple Employer Welfare Arrangements › 27-1-34-1. "Arrangement" or "Multiple Employer Welfare Arrangement"

Sec. 1. (a) As used in this chapter, "arrangement" refers to a multiple employer welfare arrangement.
(b) As used in this chapter, "multiple employer welfare arrangement" means an entity other than a duly admitted insurer that establishes an employee benefit plan for the purpose of offering or providing accident and sickness or death benefits to the employees of at least two (2) employers, including self-employed individuals and their dependents. For purposes of this subsection, two (2) employers, one (1) of which holds an ownership interest of at least fifty-one percent (51%) in the other, are considered to be one (1) employer.
As added by P.L.1-1992, SEC.149. Amended by P.L.173-2007, SEC.19.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 34. Multiple Employer Welfare Arrangements › 27-1-34-1.5. Interlocal Cooperation Agreements

Sec. 1.5. A multiple employer welfare arrangement may be established through an interlocal cooperation agreement under IC 36-1-7.
As added by P.L.130-2020, SEC.9.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 34. Multiple Employer Welfare Arrangements › 27-1-34-2. Certificate of Registration

Sec. 2. (a) An arrangement must annually obtain a certificate of registration from the department under rules adopted by the commissioner.
(b) An arrangement that does not obtain a certificate of registration described in subsection (a) or violates the requirements of this chapter is subject to IC 27-4.
As added by P.L.1-1992, SEC.149.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 34. Multiple Employer Welfare Arrangements › 27-1-34-3. Benefits Under an Employee Benefit Plan

Sec. 3. An arrangement may provide benefits under an employee benefit plan in Indiana only through an employee benefit plan that has been filed and approved by the department of insurance.
As added by P.L.1-1992, SEC.149.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 34. Multiple Employer Welfare Arrangements › 27-1-34-6. Examination of Arrangements; Revocation or Suspension of Certificate of Registration

Sec. 6. (a) It shall be the duty of the department to examine every domestic multiple employer welfare arrangement at least every five (5) years or as often as the department in its discretion may deem necessary. The expense of the examination and or investigations of such arrangements shall be paid by the arrangement so examined.
(b) The commissioner shall revoke or suspend:
(1) the certificate of registration to do business in Indiana of any multiple employer welfare arrangement which refuses to permit such examination described in subsection (a); and
(2) any certificate of registration when any condition prescribed by law or regulation for the issuance or continuance of the certificate no longer exists.
As added by P.L.1-1992, SEC.149.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 34. Multiple Employer Welfare Arrangements › 27-1-34-7. Insolvency; Notification of Department

Sec. 7. If any domestic multiple employer welfare arrangement is insolvent or in imminent danger of insolvency, or fails or suspends operation between periods of examination authorized, it is a class A misdemeanor for the highest officer then actively in charge of such multiple employer welfare arrangement to knowingly fail to notify the department immediately of such condition, failure, or suspension.
As added by P.L.1-1992, SEC.149.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 34. Multiple Employer Welfare Arrangements › 27-1-34-8. Reinsurers and Insurance Producers; Multiple Employer Welfare Arrangement

Sec. 8. (a) A reinsurer may not issue a policy of insurance to a multiple employer welfare arrangement that does not have a certificate of registration from the department.
(b) An insurance producer licensed by the department may not solicit, offer, or provide coverage through a multiple employer welfare arrangement that does not have a certificate of registration from the department.
(c) A reinsurer or insurance producer who knows or reasonably should have known that the arrangement does not have a current certificate of registration is liable for any claims for benefits that are due and unpaid.
As added by P.L.1-1992, SEC.149. Amended by P.L.178-2003, SEC.30.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 34. Multiple Employer Welfare Arrangements › 27-1-34-8.5. Stop Loss Policy Issued to Arrangement Providing Benefits to Public Entity

Sec. 8.5. (a) This section applies:
(1) only to an arrangement that provides benefits for a public entity; and
(2) only with respect to the benefits provided by the arrangement to a public entity.
(b) A policy of stop loss insurance issued by a reinsurer to an arrangement providing benefits under this chapter must cover claims submitted within:
(1) the timely filing limit of the policy; and
(2) the policy provisions of the stop loss coverage.
(c) The department may not adopt or enforce any rule that would reduce the timely filing limit specified in the policy and the policy provisions of the stop loss coverage.
As added by P.L.226-2023, SEC.16.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 34. Multiple Employer Welfare Arrangements › 27-1-34-9. Rules

Sec. 9. The department of insurance shall adopt rules under IC 4-22-2 necessary to implement this chapter, including but not limited to:
(1) certificate of registration requirements;
(2) reinsurance requirements;
(3) reserve levels;
(4) deposits;
(5) financial reporting;
(6) fidelity bonds; and
(7) the operations;
of multiple employer welfare arrangements.
As added by P.L.1-1992, SEC.149.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 34. Multiple Employer Welfare Arrangements › 27-1-34-10. Exemptions

Sec. 10. This chapter does not apply to a multiple employer welfare arrangement which offers or provides benefits which are fully insured by an authorized insurer or to an arrangement which is exempt under the federal Employee Retirement Income Security Act (29 U.S.C. 1001 et seq.).
As added by P.L.1-1992, SEC.149.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-1. Applicability of Law

Sec. 1. This chapter applies to licensed insurers either domiciled in Indiana or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of the Insurance Holding Company System Regulation Act, to the extent the provisions are not superseded by this chapter, continue to apply to all parties within holding company systems subject to this chapter.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-2. "Accredited State"

Sec. 2. As used in this chapter, "accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the NAIC.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47. Amended by P.L.124-2018, SEC.55.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-3. "Captive Insurer" Defined

Sec. 3. As used in this chapter, "captive insurer" means an insurance company owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies, or in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks of any of the following:
(1) Member organizations.
(2) Group members and their affiliates.
(3) Member organizations and group members and their affiliates.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-4. "Control" or "Controlled" Defined

Sec. 4. As used in this chapter, "control" or "controlled" has the meaning set forth in IC 27-1-23-1.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-5. "Controlled Insurer" Defined

Sec. 5. As used in this chapter, "controlled insurer" means a licensed insurer that is controlled, directly or indirectly, by a producer.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-6. "Controlling Producer" Defined

Sec. 6. As used in this chapter, "controlling producer" means a producer that, directly or indirectly, controls an insurer.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-7. "Licensed Insurer" or "Insurer" Defined

Sec. 7. As used in this chapter, "licensed insurer" or "insurer" means any person, firm, association, or corporation licensed to transact a property/casualty insurance business in Indiana. The following are not licensed insurers for the purposes of this chapter:
(1) All risk retention groups (as defined in the Superfund Amendments Reauthorization Act of 1986, Pub. L. No. 99-499, 100 Stat. 1613 (1986), the Risk Retention Act, 15 U.S.C. Section 3901 et seq. (1982 & Supp. 1986), and IC 27-7-10-11).
(2) All residual market pools and joint underwriting authorities or associations.
(3) All captive insurers.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-8. "Producer" Defined

Sec. 8. As used in this chapter, "producer" means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-9. Threshold Limit of Premiums

Sec. 9. The provisions of sections 11 through 14 of this chapter apply if, in any calendar year, the aggregate amount of gross written premiums on business placed with a controlled insurer by a controlling producer is equal to or greater than five percent (5%) of the admitted assets of the controlled insurer, as reported in the controlled insurer's quarterly statement filed as of September 30 of the prior year.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-10. Exempt Transactions

Sec. 10. Notwithstanding section 9 of this chapter, the provisions of sections 11 through 14 of this chapter do not apply if:
(1) the controlling producer:
(A) places insurance only with the controlled insurer, or only with the controlled insurer and a member or members of the controlled insurer's holding company system, or the controlled insurer's parent, affiliate, or subsidiary and receives no compensation based upon the amount of premiums written in connection with such insurance; and
(B) accepts insurance placements only from nonaffiliated subproducers, and not directly from insureds; and
(2) the controlled insurer, except for insurance business written through a residual market facility accepts insurance business only from a controlling producer, a producer controlled by the controlled insurer, or a producer that is a subsidiary of the controlled insurer.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-12. Audit Committees

Sec. 12. Each controlled insurer shall have an audit committee of the board of directors composed of independent directors. The audit committee shall annually meet with management, the insurer's independent certified public accountants, and an independent casualty actuary or other independent loss reserve specialist acceptable to the commissioner to review the adequacy of the insurer's loss reserves.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-13. Opinions of Independent Casualty Actuaries or Independent Loss Reserve Specialists

Sec. 13. In addition to any other required loss reserve certification, the controlled insurer shall annually, on April 1 of each year, file with the commissioner an opinion of an independent casualty actuary or such other independent loss reserve specialist acceptable to the commissioner reporting loss ratios for each line of business written and attesting to the adequacy of loss reserves established for losses incurred and outstanding as of year end (including incurred but not reported) on business placed by the producer.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-14. Annual Reports

Sec. 14. The controlled insurer shall annually report to the commissioner the amount of commissions paid to the producer, the percentage this amount represents of the net premiums written, and comparable amounts and percentage paid to noncontrolling producers for placements of the same kind of insurance.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-15. Notice of Relationship

Sec. 15. A producer, before the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in the controlling producer's records a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-16. Orders to Cease Placing Business

Sec. 16. If the commissioner believes that the controlling producer or any other person has not materially complied with this chapter or any rule or order adopted under this chapter, after notice and opportunity to be heard, the commissioner may order the controlling producer to cease placing business with the controlled insurer.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-17. Civil Actions by Commissioner

Sec. 17. If the commissioner finds that because of a material noncompliance under section 16 of this chapter the controlled insurer or any policyholder of the controlled insurer has suffered any loss or damage, the commissioner may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-18. Civil Actions by Receivers

Sec. 18. If an order for liquidation or rehabilitation of the controlled insurer has been entered under IC 27-9, and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with this chapter or any rule or order adopted under this chapter, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers › 27-1-35-19. Other Rights Not Affected

Sec. 19. Sections 16 through 18 of this chapter do not:
(1) affect the right of the commissioner to impose any other penalties provided by Indiana law; or
(2) in any manner alter or affect the rights of policyholders, claimants, creditors, or other third parties.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-1. Exemption From Applicability of Chapter

Sec. 1. The commissioner may exempt from the application of this chapter:
(1) A domestic property and casualty insurer that:
(A) writes direct business only in Indiana;
(B) receives annual premiums from direct business written of not more than two million dollars ($2,000,000); and
(C) assumes no reinsurance in excess of five percent (5%) of direct business written.
(2) A health maintenance organization that:
(A) operates only in Indiana; and
(B) receives annual subscriber premiums (as defined in IC 27-13-1-33) of not more than two million dollars ($2,000,000).
(3) A limited service health maintenance organization that:
(A) operates only in Indiana;
(B) receives annual subscriber premiums (as defined in IC 27-13-1-33) of not more than two million dollars ($2,000,000); and
(C) covers not more than two thousand (2,000) enrollees.
As added by P.L.186-1996, SEC.1. Amended by P.L.51-2002, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-2. "Adjusted Rbc Report"

Sec. 2. As used in this chapter, "adjusted RBC report" means an RBC report that has been adjusted by the commissioner under section 28 of this chapter.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-4. "Authorized Control Level Rbc"

Sec. 4. As used in this chapter, the "authorized control level RBC" means, with respect to an insurer, the number determined under the risk-based capital formula in accordance with the RBC Instructions.
As added by P.L.186-1996, SEC.1. Amended by P.L.124-2018, SEC.56.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-6. "Company Action Level Rbc"

Sec. 6. As used in this chapter, "company action level RBC" means, with respect to an insurer, the product of two (2) multiplied by the insurer's authorized control level RBC.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-8. "Domestic Insurer"

Sec. 8. As used in this chapter, "domestic insurer" means any:
(1) insurance company;
(2) health maintenance organization;
(3) limited service health maintenance organization; or
(4) fraternal benefit society;
that is domiciled in Indiana.
As added by P.L.186-1996, SEC.1. Amended by P.L.51-2002, SEC.2; P.L.276-2013, SEC.17.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-9. "Foreign Insurer"

Sec. 9. As used in this chapter, "foreign insurer" means the following:
(1) An insurer that is:
(A) licensed to do business in Indiana under IC 27-1-17; but
(B) not a domestic insurer.
(2) A health maintenance organization that:
(A) is organized under the laws of a state other than Indiana, a territory or another insular possession of the United States, or the District of Columbia; and
(B) has obtained a certificate of authority under IC 27-13-2.
(3) A limited service health maintenance organization that:
(A) is organized under the laws of a state other than Indiana, a territory or another insular possession of the United States, or the District of Columbia; and
(B) has obtained a certificate of authority under IC 27-13-34.
(4) A fraternal benefit society that:
(A) is organized under the laws of a state other than Indiana, a territory or another insular possession of the United States, or the District of Columbia; and
(B) has obtained a certificate of authority under IC 27-11-8-5.
As added by P.L.186-1996, SEC.1. Amended by P.L.51-2002, SEC.3; P.L.276-2013, SEC.18.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-9.2. "Fraternal Benefit Society"

Sec. 9.2. As used in this chapter, "fraternal benefit society" refers to a society (as defined in IC 27-11-1-11) that holds a certificate of authority issued under IC 27-11-4 or IC 27-11-8-5.
As added by P.L.276-2013, SEC.19.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-9.3. "Health Insurer"

Sec. 9.3. As used in this chapter, "health insurer" means the following:
(1) A health maintenance organization.
(2) A limited service health maintenance organization.
(3) An insurer that makes one (1) or more of the types of insurance described in Class 1(b) or Class 2(a) of IC 27-1-5-1.
(4) An insurer that files a health Annual Statement Blank in accordance with the applicable Annual Statement Instructions.
As added by P.L.276-2013, SEC.20. Amended by P.L.124-2018, SEC.57.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-9.6. "Insurer"

Sec. 9.6. As used in this chapter, "insurer" includes:
(1) a health maintenance organization;
(2) a limited service health maintenance organization; and
(3) a fraternal benefit society.
As added by P.L.51-2002, SEC.5. Amended by P.L.276-2013, SEC.21.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-9.8. "Limited Service Health Maintenance Organization"

Sec. 9.8. As used in this chapter, "limited service health maintenance organization" has the meaning set forth in IC 27-13-34-4.
As added by P.L.51-2002, SEC.6.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-10. "Life Insurer"

Sec. 10. As used in this chapter, "life insurer" means an insurer that makes one (1) or more of the types of insurance described in Class 1 of IC 27-1-5-1.
As added by P.L.186-1996, SEC.1. Amended by P.L.276-2013, SEC.22.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-12. "Mandatory Control Level Rbc"

Sec. 12. As used in this chapter, "mandatory control level RBC" means, with respect to an insurer, the product of seven-tenths (.7) multiplied by the insurer's authorized control level RBC.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-14. "Negative Trend"

Sec. 14. As used in this chapter, "negative trend" means, with respect to an insurer, a negative trend over a period of time, as determined in accordance with the trend test calculation included in the RBC instructions.
As added by P.L.186-1996, SEC.1. Amended by P.L.276-2013, SEC.23.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-15. "Property and Casualty Insurer"

Sec. 15. As used in this chapter, "property and casualty insurer" means an insurer that is authorized to make one (1) or more of the types of insurance described in Class 2 and Class 3 of IC 27-1-5-1. The term does not include the following:
(1) A monoline mortgage guaranty insurer.
(2) A financial guaranty insurer.
(3) A title insurer.
(4) A health maintenance organization.
(5) A limited service health maintenance organization.
As added by P.L.186-1996, SEC.1. Amended by P.L.51-2002, SEC.7.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-18. "Rbc Level"

Sec. 18. As used in this chapter, "RBC level" means an insurer's:
(1) company action level RBC;
(2) regulatory action level RBC;
(3) authorized control level RBC; or
(4) mandatory control level RBC.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-22. "Regulatory Action Level Rbc"

Sec. 22. As used in this chapter, "regulatory action level RBC" means, with respect to an insurer, the product of one and five-tenths (1.5) multiplied by the insurer's authorized control level RBC.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-23. "Revised Rbc Plan"

Sec. 23. As used in this chapter, "revised RBC plan" means the revised RBC plan that an insurer must prepare, with or without the commissioner's recommendation, if the commissioner rejects the insurer's previous RBC plan.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-24. "Total Adjusted Capital"

Sec. 24. As used in this chapter, "total adjusted capital" means the sum of:
(1) an insurer's statutory capital and surplus determined in accordance with the statutory accounting principles and practices that are applicable to the annual financial statements required to be filed under IC 27-1-3.5; and
(2) other items, if any, that the RBC Instructions may provide.
As added by P.L.186-1996, SEC.1. Amended by P.L.124-2018, SEC.59.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-25. Rbc Report; Requirements; Filing

Sec. 25. (a) A domestic insurer shall prepare a report of the RBC levels of the insurer as of the last day of the calendar year most recently ended. The report must:
(1) be in the form; and
(2) contain the information;
required by the RBC Instructions.
(b) On or before March 1 of each year, a domestic insurer shall file the RBC report described in subsection (a) with:
(1) the commissioner;
(2) the NAIC, in accordance with the RBC Instructions; and
(3) the insurance commissioner in any state other than Indiana in which the insurer is authorized to do business, if the insurance commissioner has notified the insurer in writing of the commissioner's request for the insurer's RBC report.
An insurer is not required to pay a fee when filing an RBC report under this subsection.
(c) If an insurer is required under subsection (b)(3) to file its RBC report with the insurance commissioner of a state other than Indiana, the insurer shall file the RBC report with the insurance commissioner of that state not later than:
(1) fifteen (15) days after the insurer receives the notice; or
(2) March 1 of the calendar year in which the insurer receives the notice;
whichever occurs later.
As added by P.L.186-1996, SEC.1. Amended by P.L.124-2018, SEC.60.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-26. Life Insurer's and Fraternal Benefit Society's Rbc; Formula

Sec. 26. (a) This section applies to the following:
(1) A life insurer.
(2) A fraternal benefit society.
(b) An insurer's RBC must be determined in accordance with the formula set forth in the RBC instructions. The formula must take into account (and may adjust for the covariance between):
(1) the risk with respect to the insurer's assets;
(2) the risk of adverse insurance experience with respect to the insurer's liabilities and obligations;
(3) the interest rate risk with respect to the insurer's business; and
(4) all other business risks and such other relevant risks as are set forth in the RBC instructions;
determined by applying the factors in the manner set forth in the RBC instructions.
As added by P.L.186-1996, SEC.1. Amended by P.L.276-2013, SEC.24.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-26.1. Health Insurer's Rbc; Formula

Sec. 26.1. A health insurer's RBC must be determined in accordance with the formula set forth in the RBC instructions for a health insurer. The formula must take into account (and may adjust for the covariance between):
(1) affiliation investment risk;
(2) asset risk;
(3) credit risk;
(4) underwriting risk; and
(5) all other business risks and such other relevant risks as are set forth in the RBC instructions;
determined by applying the factors in the manner set forth in the RBC instructions.
As added by P.L.51-2002, SEC.8. Amended by P.L.276-2013, SEC.25.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-27. Property and Casualty Insurer's Rbc; Formula

Sec. 27. A property and casualty insurer's RBC must be determined in accordance with the formula set forth in the RBC instructions. The formula must take into account (and may adjust for the covariance between):
(1) asset risk;
(2) credit risk;
(3) underwriting risk; and
(4) all other business risks and such other relevant risks as are set forth in the RBC instructions;
determined by applying the factors in the manner set forth in the RBC instructions.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-28. Inaccuracy of Rbc Report Filed by Domestic Insurer

Sec. 28. (a) If the commissioner determines an RBC report filed by a domestic insurer is inaccurate, the commissioner shall:
(1) adjust the RBC report to correct the inaccuracy; and
(2) notify the insurer of the adjustment.
(b) A notice provided by the commissioner under subsection (a) must contain a statement of the reason for the adjustment.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-29. "Company Action Level Event"

Sec. 29. As used in this chapter, "company action level event" means any of the following events:
(1) The filing of an RBC report by an insurer that indicates that:
(A) the insurer's total adjusted capital is:
(i) greater than or equal to its regulatory action level RBC; but
(ii) less than its company action level RBC;
(B) if a life insurer or a fraternal benefit society, the insurer:
(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend;
(C) if a property and casualty insurer, the insurer:
(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend; or
(D) if a health insurer, the insurer:
(i) has a total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend.
(2) The notification by the commissioner to the insurer of an adjusted RBC report that indicates that:
(A) the insurer's total adjusted capital is:
(i) greater than or equal to its regulatory action level RBC; but
(ii) less than its company action level RBC;
(B) if a life insurer or a fraternal benefit society, the insurer:
(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend;
(C) if a property and casualty insurer, the insurer:
(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend; or
(D) if a health insurer, the insurer:
(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend;
unless the insurer challenges the adjusted RBC report under section 44 of this chapter.
(3) The notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge to an adjusted RBC report described in subdivision (2).
As added by P.L.186-1996, SEC.1. Amended by P.L.11-2011, SEC.23; P.L.81-2012, SEC.19; P.L.276-2013, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-30. Preparation and Submission of Rbc Plan After Company Action Level Event

Sec. 30. If a company action level event occurs, the insurer shall prepare and submit to the commissioner an RBC plan that does all the following:
(1) Addresses the following:
(A) The conditions that contribute to the insurer's RBC level.
(B) The key assumptions affecting the insurer's projections and the sensitivity of the projections to the assumptions.
(C) The quality of, and problems associated with, the insurer's business, including the following:
(i) Assets.
(ii) Anticipated business growth and associated surplus strain.
(iii) Extraordinary exposure to risk.
(iv) Mix of business and use of reinsurance, if any, in each case.
(2) Contains proposals for corrective actions that the insurer intends to take and that would be expected to result in the elimination of the RBC level.
(3) Provides projections of the insurer's financial results in the current year and at least the four (4) consecutive succeeding years, both in the absence of proposed corrective actions and giving effect to the proposed corrective actions, including projections of the following:
(A) Statutory operating income.
(B) Net income.
(C) Capital.
(D) Surplus. (The projections for both new and renewal business may include separate projections for each major line of business and separately identify each significant income, expense, and benefit component.)
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-31. Timing for Submission of Rbc Plan After Company Action Level Event

Sec. 31. An insurer must submit to the commissioner an RBC plan required under section 30 of this chapter:
(1) not more than forty-five (45) days after the company action level event; or
(2) not more than forty-five (45) days after notification to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-32. Rbc Plan; Notice by Commissioner; Revised Rbc Plan

Sec. 32. (a) Not more than sixty (60) days after an insurer submits an RBC plan under section 31 of this chapter, the commissioner shall notify the insurer of whether the RBC plan:
(1) must be implemented; or
(2) is unsatisfactory.
(b) If the commissioner determines that an RBC plan is unsatisfactory, the notification to the insurer:
(1) must state the reasons for the determination; and
(2) may include revisions proposed by the commissioner that will render the RBC plan satisfactory.
(c) Upon receiving a notification from the commissioner under subsection (b), the insurer shall prepare a revised RBC plan. The revised RBC plan may incorporate by reference any revisions proposed by the commissioner. The insurer shall submit the revised RBC plan to the commissioner:
(1) not more than forty-five (45) days after the insurer receives the notification under subsection (a)(2); or
(2) not more than forty-five (45) days after the insurer receives the notification from the commissioner that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-33. Notification by Commissioner as Regulatory Action Level Event

Sec. 33. If the commissioner notifies an insurer that the insurer's RBC plan or revised RBC plan is unsatisfactory, the commissioner may, subject to the insurer's right to a hearing under section 44 of this chapter, specify in the notification that the notification constitutes a regulatory action level event.
As added by P.L.186-1996, SEC.1.
2023 Indiana Code › Title 27. Insurance › Article 1. Department of Insurance › Chapter 36. Risk Based Capital Requirements › 27-1-36-34. Filing Rbc Plan With Commissioner of State Other Than Indiana

Sec. 34. (a) A domestic insurer that files an RBC plan or a revised RBC plan with the commissioner shall file a copy of the RBC plan or revised RBC plan with the insurance commissioner in each state other than Indiana in which the insurer is authorized to do business, if:
(1) the state has an RBC provision substantially similar to section 45 of this chapter; and
(2) the insurance commissioner of that state has notified the insurer in writing of its request for the filing.
(b) If an insurer is required under subsection (a) to file its RBC plan or revised RBC plan with the insurance commissioner of a state other than Indiana, the insurer shall file the RBC plan or revised RBC plan not later than:
(1) fifteen (15) days after the insurer receives notice under subsection (a)(2); or
(2) the date on which the RBC plan or revised RBC plan is filed under sections 31 and 32 of this chapter;
whichever occurs later.
As added by P.L.186-1996, SEC.1.