reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 76 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 76-1 - Definitions

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  30-2-13-8
Sec. 1.
The following definitions apply throughout this rule:
(1) "2001 CSO Mortality Table" means that
				mortality table, consisting of separate rates of mortality for male and female
				lives, developed by the American Academy of Actuaries CSO Task Force from the
				Valuation Basic Mortality Table developed by the Society of Actuaries
				Individual Life Insurance Valuation Mortality Task Force, and adopted by the
				NAIC in December 2002. The 2001 CSO Mortality Table is included in the
				Proceedings of the NAIC (2nd Quarter 2002). Unless the context indicates
				otherwise, the "2001 CSO Mortality Table" includes both the ultimate form of
				that table and the select and ultimate form of that table and includes both the
				smoker and nonsmoker mortality tables and the composite mortality tables. It
				also includes both the age-nearest-birthday and age-last-birthday bases of the
				mortality tables.
(2) "Preneed
				insurance" means any life insurance policy or certificate that is issued in
				combination with, in support of, with an assignment to, or as a guarantee for a
				prearrangement agreement for services or merchandise as defined in IC
				30-2-13-8,
				to be provided at the time of and immediately following the death of the
				insured. The status of the policy or contract as preneed insurance is
				determined at the time of issue in accordance with the policy form
				filing.
(3) "Ultimate 1980 CSO"
				means the Commissioners' 1980 Standard Ordinary Life Valuation Mortality Tables
				(1980 CSO) without ten-year (10-year) selection factors, incorporated into the
				1980 amendments to the NAIC Standard Valuation Law approved in December
				1983.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 76 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 76-2 - 2001 minimum valuation mortality standards

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-10
Sec. 2.
For preneed insurance contracts, as defined in section 1 of
				  this rule, and similar policies and contracts, the minimum mortality standard
				  for determining reserve liabilities and nonforfeiture values for both male and
				  female insureds shall be the Ultimate 1980 CSO.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 76 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 76-3 - Minimum valuation interest rate standards

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-7
Sec. 3.
(a) The
				interest rates used in determining the minimum standard for valuation of
				preneed insurance shall be the calendar year statutory valuation interest rates
				as set forth in IC
				27-1-12-10
[IC
				27-1-12-10
				was repealed by
				P.L.
				276-2013,
				SECTION
				5, effective July 1,
				2013.]
.
(b) The interest
				rates used in determining the minimum standard for nonforfeiture values for
				preneed insurance shall be the calendar year statutory nonforfeiture interest
				rates as set forth in IC
				27-1-12-7.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 76 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 76-4 - Minimum valuation method standards

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-7
Sec. 4.
(a) The
				method used in determining the standard for the minimum valuation of reserves
				of preneed insurance shall be the method set forth in IC
				27-1-12-10
[IC
				27-1-12-10
				was repealed by
				P.L.
				276-2013,
				SECTION
				5, effective July 1,
				2013.]
.
(b) The method
				used in determining the standard for the minimum nonforfeiture values for
				preneed insurance shall be the method set forth in IC
				27-1-12-7.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 76 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 76-5 - Transition rules

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-10
Sec. 5.
(a) For
				preneed insurance policies issued on or after the effective date of this rule
				and before January 1, 2012, the 2001 CSO Mortality Table may be used as the
				minimum standard for reserves and minimum standard for nonforfeiture benefits
				for both male and female insureds.
(b) If an insurer elects to use the 2001 CSO
				Mortality Table as a minimum standard for any policy issued on or after the
				effective date of this regulation and before January 1, 2012, the insurer shall
				provide, as a part of the actuarial opinion memorandum submitted in support of
				the company's asset adequacy testing, an annual written notification to the
				domiciliary commissioner. The notification shall include the following:
(1) A complete list of all preneed policy
				forms that use the 2001 CSO Mortality Table as a minimum standard.
(2) A certification signed by the appointed
				actuary stating that the reserve methodology employed by the company in
				determining reserves for the preneed policies issued after the effective date
				and using the 2001 CSO Mortality Table as a minimum standard, develops adequate
				reserves. For the purposes of this certification, the preneed insurance
				policies using the 2001 CSO Mortality Table as a minimum standard cannot be
				aggregated with any other policies.
(3) Supporting information regarding the
				adequacy of reserves for preneed insurance policies issued after the effective
				date of this regulation and using the 2001 CSO Mortality Table as a minimum
				standard for reserves.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 76 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 76-6 - Effective date

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-10
Sec. 6.
This rule is applicable to preneed insurance policies and
				  certificates and similar contracts and certificates, as specified in section 1
				  of this rule, issued on or after January 1, 2009.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 76 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 76-7 - Severability

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-10
Sec. 7.
If:
(1) any section
				or portion of a section of this rule; or
(2) its applicability to any person or
				circumstance; is held invalid by a court, the remainder of the rule or the
				applicability of the provision to other persons or circumstances shall not be
				affected.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 77 - Military Sales Practices › Section 77-1 - Definitions

Current through July 10, 2024
Authority: IC
				  27-4-1-4
Affected: IC 27-4-1-4
Sec. 1.
The following definitions apply throughout this rule:
(1) "Active duty" means full-time duty in the
				active military service of the United States and includes members of the
				reserve component (national guard and reserve) while serving under published
				orders for active duty or full-time training. The term does not include members
				of the reserve component who are performing active duty or active duty for
				training under military calls or orders specifying periods of less than
				thirty-one (31) calendar days.
(2)
				"Department of Defense personnel" means all active duty service members and all
				civilian employees, including nonappropriated fund employees and special
				government employees, of the Department of Defense.
(3) "Door to door" means a solicitation or
				sales method whereby an insurance producer proceeds randomly or selectively
				from household to household without prior specific appointment.
(4) "General advertisement" means an
				advertisement having as its sole purpose the promotion of the reader's or
				viewer's interest in the concept of insurance, or the promotion of the insurer
				or the insurance producer.
(5)
				"Insurance producer" means a person required to be licensed under the laws of
				this state to sell, solicit, or negotiate insurance, including
				annuities.
(6) "Insurer" means a
				company required to be licensed under the laws of this state to provide
				insurance products, including annuities.
(7) "Known" or "knowingly" means, depending
				on its use in this rule, the insurance producer or insurer had actual
				awareness, or in the exercise of ordinary care should have known, at the time
				of the act or practice complained of, that the person solicited:
(A) is a service member; or
(B) is a service member with a pay grade of
				E-4 or below.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 77 - Military Sales Practices › Section 77-2 - Applicability and scope

Current through July 10, 2024
Authority: IC
				  27-4-1-4
Affected: IC
				  27-4-1-4
Sec. 2.
(a) This rule
				applies to all solicitations or sales of any life insurance or annuity product
				by an insurer or insurance producer to an active duty service member of the
				United States armed forces, except solicitations or sales involving any of the
				following:
(1) Credit insurance.
(2) Group life insurance or group annuities
				where:
(A) there is no in-person, face-to-face
				solicitation of individuals by an insurance producer; or
(B) the contract or certificate does not
				include a side fund.
(3)
				An application to the existing insurer that issued the existing policy or
				contract when:
(A) a contractual change or a
				conversion privilege is being exercised;
(B) the existing policy or contract is being
				replaced by the same insurer pursuant to a program filed with and approved by
				the commissioner; or
(C) a term
				conversion privilege is exercised among corporate affiliates.
(4) Individual stand-alone health
				policies, including disability income policies.
(5) Contracts offered by SGLI or
				VGLI.
(6) Life insurance contracts
				offered through or by a nonprofit military association, qualifying under
				Section 501(c)(23) of the Internal Revenue Code (IRC), and that are not
				underwritten by an insurer.
(7)
				Contracts used to fund:
(A) an employee
				pension or welfare benefit plan that is covered by the Employee Retirement and
				Income Security Act (ERISA);
(B) a
				plan described by Sections 401(a), 401(k), 403(b), 408(k), or 408(p) of the
				IRC, as amended, if established or maintained by an employer;
(C) a government or church plan defined in
				Section 414 of the IRC, a government or church welfare benefit plan, or a
				deferred compensation plan of a state or local government or tax exempt
				organization under Section 457 of the IRC; (D) a nonqualified deferred
				compensation arrangement established or maintained by an employer or plan
				sponsor;
(E) settlements of or
				assumptions of liabilities associated with personal injury litigation or any
				dispute or claim resolution process; or
(F) prearranged funeral contracts.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 77 - Military Sales Practices › Section 77-3 - Practices declared false, misleading, deceptive, or unfair on a military installation

Current through July 10, 2024
Authority: IC
				  27-4-1-4
Affected: IC
				  27-4-1-4
Sec. 3.
(a) The
				following acts or practices when committed on a military installation by an
				insurer or insurance producer with respect to the in-person, face-to-face
				solicitation of life insurance are declared to be false, misleading, deceptive,
				or unfair:
(1) Knowingly soliciting the
				purchase of any life insurance product:
(A)
				door to door; or
(B) without first
				establishing a specific appointment for each meeting with the prospective
				purchaser.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 77 - Military Sales Practices › Section 77-4 - Practices declared false, misleading, deceptive, or unfair regardless of location

Current through July 10, 2024
Authority: IC 27-4-1-4
Affected: IC 27-4-1-4
Sec. 4.
(a) The
				following acts or practices by an insurer or insurance producer constitute
				corrupt practices, improper influences, or inducements and are declared to be
				false, misleading, deceptive, or unfair:
(1)
				Submitting, processing, or assisting in the submission or processing of any
				allotment form or similar device used by the United States armed forces to
				direct a service member's pay to a third party for the purchase of life
				insurance, including, but not limited to:
(A)
				using; or
(B) assisting in using; a
				service member's MyPay account or other similar Internet or electronic medium
				for such purposes. This subdivision does not prohibit assisting a service
				member by providing insurer or premium information necessary to complete any
				allotment form.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 77 - Military Sales Practices › Section 77-5 - Severability

Current through July 10, 2024
Authority: IC
				  27-4-1-4
Affected: IC
				  27-4-1-4
Sec. 5.
If:
(1) any section
				or portion of a section of this rule; or
(2) its applicability to any person or
				circumstance; is held invalid by a court, the remainder of the rule or the
				applicability of the provision to other persons or circumstances shall not be
				affected.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-1 - Applicability and scope

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 1.
(a) This rule
				applies to all insurers as defined in section 2 of this rule, except insurers
				having direct premiums written of less than:
(1) one million dollars ($1,000,000) in any
				calendar year; and
(2) one thousand
				(1,000) policyholders or certificate holders of direct written policies
				nationwide at the end of the calendar year; shall be exempt from this rule for
				the year, unless the commissioner makes a specific finding that compliance is
				necessary for the commissioner to carry out statutory responsibilities.
				Insurers having assumed premiums pursuant to contracts or treaties of
				reinsurance of one million dollars ($1,000,000) or more will not be so exempt.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-2 - Definitions

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5; IC 27-1-23
Sec. 2.
The following definitions apply throughout this rule:
(1) "Accountant" or "independent certified
				public accountant" means an independent certified public accountant or
				accounting firm in good standing:
(A) with the
				AICPA; and
(B) in all states in
				which the person or firm is licensed to practice.
For Canadian and British companies, it means a
				  Canadian-chartered or British-chartered accountant.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-3 - General requirements related to filing and extensions for filing of annual audited financial reports and audit committee appointment

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 3.
(a) All
				insurers shall:
(1) have an annual audit by an
				independent certified public accountant; and
(2) file an audited financial report with the
				commissioner on or before June 1 for the year ended December 31 immediately
				preceding. The commissioner may require an insurer to file an audited financial
				report earlier than June 1 with ninety (90) days advance notice to the
				insurer.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-4 - Contents of annual audited financial report

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5; IC
				  27-1-20-21
Sec. 4.
(a) The
				annual audited financial report shall report the financial position of the
				insurer as of the end of the most recent calendar year and the results of its
				operations, cash flows, and changes in capital and surplus for the year then
				ended in conformity with statutory accounting practices prescribed, or
				otherwise permitted, by the department of insurance of the state of
				domicile.
(b) The annual audited
				financial report shall include the following:
(1) The report of an independent certified
				public accountant.
(2) A balance
				sheet reporting the following:
(A) Admitted
				assets.
(B) Liabilities.
(C) Capital.
(D) Surplus.
(3) A statement of operations.
(4) A statement of cash flow.
(5) A statement of changes in capital and
				surplus.
(6) Notes to financial
				statements. These notes shall be those required by the appropriate NAIC Annual
				Statement Instructions and the NAIC Accounting Practices and Procedures Manual,
				which shall include the following:
(A) A
				reconciliation of differences, if any, between the audited statutory financial
				statements and the annual statement filed under IC
				27-1-20-21.
(B) A written description of the nature of
				the differences described in clause (A).
(7) The financial statements included in the
				audited financial report shall be prepared in a form and using language and
				groupings substantially the same as the relevant sections of the annual
				statement of the insurer filed with the commissioner. The financial statement
				shall be comparative, presenting the amounts as of December 31 of the current
				year and the amounts as of the immediately preceding December 31. However, in
				the first year in which an insurer is required to file an audited financial
				report, the comparative data may be omitted.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-5 - Designation of independent certified public accountant

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 5.
(a) Each
				insurer required by this rule to file an annual audited financial report must,
				within sixty (60) days after becoming subject to the requirement, register with
				the commissioner in writing the name and address of the independent certified
				public accountant or accounting firm retained to conduct the annual audit set
				forth in this rule. Insurers not retaining an independent certified public
				accountant on the effective date of this rule shall register the name and
				address of their retained independent certified public accountant not less than
				six (6) months before the date when the first audited financial report is to be
				filed.
(b) The insurer shall:
(1) obtain a letter from the accountant;
				and
(2) file a copy with the
				commissioner that:
(A) states that the
				accountant is aware of the provisions of the insurance code and the rules of
				the insurance department of the state of domicile that relate to accounting and
				financial matters; and
(B) affirms
				that the accountant will express the accountant's opinion on the financial
				statements in terms of their conformity to the statutory accounting practices
				prescribed or otherwise permitted by that insurance department, specifying such
				exceptions as the accountant may believe appropriate.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-6 - Qualifications of independent certified public accountant

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 4-21.5-3; IC 27-1-3.5; IC 27-9
Sec. 6.
(a) The
				commissioner shall not recognize a person or firm as a qualified independent
				certified public accountant if the person or firm:
(1) is not in good standing with the AICPA
				and in all states in which the person or firm is licensed to practice, or, for
				a Canadian or British company, that is not a chartered accountant; or
(2) has either directly or indirectly entered
				into an agreement of indemnity or release from liability, collectively referred
				to as indemnification, with respect to the audit of the insurer.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-7 - Consolidated or combined audits

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 7.
(a) An
				insurer may make written application to the commissioner for approval to file
				audited consolidated or combined financial statements in lieu of separate
				annual audited financial statements if the insurer:
(1) is part of a group of insurance companies
				that utilizes a pooling or one hundred percent (100%) reinsurance agreement
				that affects the solvency and integrity of the insurer's reserves;
				and
(2) cedes all of its direct and
				assumed business to the pool.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-8 - Scope of audit and report of independent certified public accountant

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 8.
Financial statements furnished under section 4 of this rule
				  shall be examined by the independent certified public accountant. The audit of
				  the insurer's financial statements shall be conducted in accordance with
				  generally accepted auditing standards. In accordance with AU Section 319 of the
				  Professional Standards of the AICPA, Consideration of Internal Control in a
				  Financial Statement Audit, the independent certified public accountant should
				  obtain an understanding of internal control sufficient to plan the audit. To
				  the extent required by AU 319, for those insurers required to file a
				  management's report of internal control over financial reporting under section
				  15 of this rule, the independent certified public accountant should consider
				  (as that term is defined in Statement on Auditing Standards (SAS) No. 102,
				  Defining Professional Requirements in Statements on Auditing Standards or its
				  replacement) the most recently available report in planning and performing the
				  audit of the statutory financial statements. Consideration shall be given to
				  the procedures illustrated in the Financial Condition Examiners Handbook
				  promulgated by the NAIC as the independent certified public accountant deems
				  necessary.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-9 - Notification of adverse financial condition

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 9.
(a) The
				insurer required to furnish the annual audited financial report shall require
				the independent certified public accountant to report, in writing, within five
				(5) business days to the board of directors or its audit committee any
				determination by the independent certified public accountant that the insurer:
(1) has materially misstated its financial
				condition as reported to the commissioner as of the balance sheet date
				currently under audit; or
(2) does
				not meet the minimum capital and surplus requirement set forth in IC 27 as of
				that date.
An insurer that has received a report under this section
				  shall forward a copy of the report to the commissioner within five (5) business
				  days of receipt of the report and shall provide the independent certified
				  public accountant making the report with evidence of the report being furnished
				  to the commissioner. If the independent certified public accountant fails to
				  receive the evidence within the required five (5) business day period, the
				  independent certified public accountant shall furnish to the commissioner a
				  copy of its report within the next five (5) business days.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-10 - Communication of internal control related matters noted in an audit

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 10.
(a) In
				addition to the annual audited financial report required by section 3 of this
				rule, each insurer shall furnish the commissioner with a written communication
				as to any unremediated material weaknesses in its internal control over
				financial reporting noted during the audit. The communication shall:
(1) be prepared by the accountant within
				sixty (60) days after the filing of the annual audited financial report;
				and
(2) contain a description of
				any unremediated material weakness (as the term material weakness is defined by
				Statement on Auditing Standard 112, Communication of Internal Control Related
				Matters Noted in an Audit, or its replacement) as of December 31 of the year
				immediately preceding. If no unremediated material weaknesses were noted, the
				communication should so state.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-11 - Accountant's letter of qualifications

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 11.
The accountant shall furnish the insurer in connection with,
				  and for inclusion in, the filing of the annual audited financial report, a
				  letter stating the following:
(1) That
				the accountant:
(A) is independent with
				respect to the insurer; and
(B)
				conforms to the standards of the accountant's profession as contained in the
				Code of Professional Ethics and pronouncements of the AICPA and the Rules of
				Professional Conduct of the Indiana Board of Accountancy, or similar
				code.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-12 - Definition, availability, and maintenance of independent certified public accountants' work papers

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.1; IC 27-1-3.5
Sec. 12.
(a) As used
				in this section, "work papers" means the:
(1)
				records kept by the independent certified public accountant of the procedures
				followed;
(2) tests
				performed;
(3) information
				obtained; and
(4) conclusions
				reached; pertinent to the accountant's audit of the financial statements of an
				insurer.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-13 - Requirements for audit committee

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 13.
(a) This
				section shall not apply to:
(1) foreign or
				alien insurers licensed in this state;
(2) an insurer that is a SOX compliant
				entity; or
(3) a direct or indirect
				wholly-owned subsidiary of a SOX compliant entity.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-14 - Conduct of insurer in connection with the preparation of required reports and documents

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 14.
(a) No
				director or officer of an insurer shall, directly or indirectly:
(1) make or cause to be made a materially
				false or misleading statement to an accountant in connection with any:
(A) audit;
(B) review; or
(C) communication; required under this rule;
				or
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-15 - Management's report of internal control over financial reporting

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-3.5; IC 27-1-36
Sec. 15.
(a) Every
				insurer required to file an audited financial report under this rule that has
				annual direct written and assumed premiums, excluding premiums reinsured with
				the Federal Crop Insurance Corporation and Federal Flood Program, of five
				hundred million dollars ($500,000,000) or more shall prepare a report of the
				insurer's or group of insurers' internal control over financial reporting, as
				these terms are defined in section 2 of this rule. The report shall be filed
				with the commissioner along with the communication of internal control related
				matters noted in an audit described under section 10 of this rule. Management's
				report of internal control over financial reporting shall be as of December 31
				immediately preceding.
(b)
				Notwithstanding the premium threshold in subsection (a), the commissioner may
				require an insurer to file management's report of internal control over
				financial reporting if the insurer is in any risk based capital level event as
				referenced in IC 27-1-36, or meets any one (1) or more of the standards of an
				insurer deemed to be in hazardous financial condition as defined in
				760
				IAC 1-53.
(c) An insurer or a group of insurers that
				is:
(1) directly subject to Section
				404;
(2) part of a holding company
				system whose parent is directly subject to Section 404;
(3) not directly subject to Section 404 but
				is a SOX compliant entity; or
(4) a
				member of a holding company system whose parent is not directly subject to
				Section 404 but is a SOX compliant entity; may file its or its parent's Section
				404 report and an addendum in satisfaction of the requirement in this section
				provided that those internal controls of the insurer or group of insurers
				having a material impact on the preparation of the insurer's or group of
				insurers' audited statutory financial statements (those items included in
				section 4(b)(2) through 4(b)(7) of this rule) were included in the scope of the
				Section 404 report.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-16 - Exemptions and effective dates

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 4-21.5-3; IC 27-1-3.5
Sec. 16.
(a) Upon
				written application of any insurer, the commissioner may grant an exemption
				from compliance with any and all provisions of this rule if the commissioner
				finds, upon review of the application, that compliance with this rule would
				constitute a financial or organizational hardship upon the insurer. An
				exemption may be granted at any time and from time to time for a specified
				period or periods. Within ten (10) days from a denial of an insurer's written
				request for an exemption from this rule, the insurer may request in writing a
				hearing on its application for an exemption. The hearing shall be held in
				accordance with IC 4-21.5-3.
(b)
				Domestic insurers retaining a certified public accountant on the effective date
				of this rule who qualify as independent shall comply with this rule for the
				year ending December 31, 2009, and each year thereafter unless the commissioner
				permits otherwise.
(c) Foreign
				insurers shall comply with this rule for the year ending December 31, 2009, and
				each year thereafter, unless the commissioner permits otherwise.
(d) The requirements of section 6(d) of this
				rule shall be in effect for audits of the year beginning January 1, 2010, and
				thereafter.
(e) The requirements of
				section 13 of this rule are to be in effect January 1, 2010. An insurer or
				group of insurers that is not required to have independent audit committee
				members or only a majority of independent audit committee members, as opposed
				to a supermajority, because the total written and assumed premium:
(1) is below the threshold; and
(2) subsequently becomes subject to one (1)
				of the independence requirements due to changes in premium; shall have one (1)
				year following the year the threshold is exceeded (but not earlier than January
				1, 2010) to comply with the independence requirements. An insurer that becomes
				subject to one (1) of the independence requirements as a result of a business
				combination shall have one (1) calendar year following the date of acquisition
				or combination to comply with the independence requirements.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-17 - Canadian and British companies

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-3.5
Sec. 17.
(a) In the
				case of Canadian and British insurers, the annual audited financial report
				shall be defined as the annual statement of total business on the form filed by
				the companies with their supervision authority duly audited by an independent
				chartered accountant.
(b) For such
				insurers, the letter required in section 5(b) of this rule shall:
(1) state that the accountant is aware of the
				requirements relating to the annual audited financial report filed with the
				commissioner under section 3 of this rule; and
(2) affirm that the opinion expressed is in
				conformity with those requirements.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 78 - Annual Financial Reporting › Section 78-18 - Severability

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-3-7
Sec. 18.
If:
(1) any section
				or portion of a section of this rule; or
(2) its applicability to any person or
				circumstance;
is held invalid by a court, the remainder of the rule or the
				  applicability of the provision to other persons or circumstances shall not be
				  affected.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 79 - Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities › Section 79-1 - Scope

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-1-15.6-33
Affected: IC
				  27-1-15.6
Sec. 1.
This rule shall apply to any:
(1) solicitation of;
(2) sale of;
(3) purchase of; or
(4) advice made in connection with; a life
				insurance or annuity product by an insurance producer.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 79 - Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities › Section 79-2 - Definition

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-1-15.6-33
Affected: IC
				  27-1-15.6-2
Sec. 2.
For purposes of this rule, "insurance producer" has the
				  meaning set forth in IC
				  27-1-15.6-2(8).
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 79 - Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities › Section 79-3 - Prohibited uses of senior-specific certifications and professional designations

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-1-15.6-33
Affected: IC
				  27-1-15.6-12
Sec. 3.
(a) It is a
				fraudulent, coercive, and dishonest practice in the business of insurance under
				IC
				27-1-15.6-12(b)(8)
				 for an insurance producer to use a
				senior-specific certification or professional designation that indicates or
				implies in such a way as to mislead a purchaser or prospective purchaser that
				the insurance producer has special certification or training in advising or
				servicing seniors in:
(1) connection with the
				solicitation, sale, or purchase of a life insurance or an annuity
				product;
(2) the provision of
				advice as to the value of or the advisability of purchasing a life insurance or
				annuity product; or
(3) the sale of
				life insurance and annuities, or selling a life insurance or annuity product;
				either directly or indirectly through publications or writings, or by issuing
				or promulgating analyses or reports related to a life insurance or annuity
				product.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 79 - Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities › Section 79-4 - Severability

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-1-15.6-33
Affected: IC
				  27-1-15.6
Sec. 4.
If:
(1) any section
				or portion of a section of this rule; or
(2) its applicability to any person or
				circumstance; is held invalid by a court, the remainder of the rule or the
				applicability of the provision to other persons or circumstances shall not be
				affected.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 80 - Confidentiality of Filings and Supporting Information › Section 80-1 - Definitions

Current through July 10, 2024
Authority: IC
				  27-1-22-4
Affected: IC
				  24-2-1-2;
				  IC
				  24-2-3-2;
				  IC 27-1
Sec. 1.
The following definitions apply throughout this rule:
(1) "Commissioner" means the commissioner of
				the department of insurance.
(2)
				"Confidentiality request" means a written request made under section 2 of this
				rule by a filer providing a sufficient basis on which the commissioner may
				determine that a filing or supporting information is confidential.
(3) "Filer" means an insurer, authorized
				third party, or rating organization making a casualty insurance filing of the
				type set forth in IC
				27-1-22-2.
(4) "Filing" means each submission of:
(A) classifications;
(B) rules;
(C) rates;
(D) rating schedules;
(E) rating plans; and
(F) policy forms; and every modification of
				any of the foregoing filed by a filer.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 80 - Confidentiality of Filings and Supporting Information › Section 80-2 - Requirements for confidentiality requests

Current through July 10, 2024
Authority: IC
				  27-1-22-4
Affected: IC
				  27-1-22-4
Sec. 2.
(a) If a
				filer marks a filing or supporting information "confidential", "trade secret",
				or "proprietary", the filer must also submit a confidentiality request to the
				commissioner. The confidentiality request must meet the requirements set forth
				in subsection (c).
(b) Filings
				containing a confidentiality request must be submitted through electronic mail
				or paper form.
(c) When making a
				confidentiality request, in addition to the requirements set forth in IC
				27-1-22-4(e),
				a filer must include the following:
(1) A
				written demonstration to the commissioner that the filing or supporting
				information contains a trade secret.
(2) A written attestation by an officer of
				the insurer or rating organization that to the officer's best belief and
				knowledge, the filing contains a trade secret.
(3) A written attestation by an officer of
				the insurer or rating organization that to the officer's best belief and
				knowledge, the information in the filing has not been made public in any other
				state.
(4) A fee of one hundred
				dollars ($100) for each confidentiality request.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 80 - Confidentiality of Filings and Supporting Information › Section 80-3 - Evidence of confidentiality

Current through July 10, 2024
Authority: IC
				  27-1-22-4
Affected: IC
				  27-1-22-4
Sec. 3.
If any filing or supporting information subject to a
				  confidentiality request has been determined to be confidential by a state or
				  federal:
(1) agency; or
(2) court; evidence of such determination
				constitutes a sufficient basis on which the commissioner may determine that the
				filing or supporting information is confidential.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 80 - Confidentiality of Filings and Supporting Information › Section 80-4 - Requests for additional information; tolling of deemer provision

Current through July 10, 2024
Authority: IC
				  27-1-22-4
Affected: IC
				  27-1-22-4
Sec. 4.
(a) If the
				commissioner finds that additional information is required from the filer to
				determine whether a filing or supporting information containing a
				confidentiality request is confidential, the filer submitting the
				confidentiality request must provide the requested information to the
				commissioner within fifteen (15) business days of receipt of the request from
				the commissioner. If a filer fails to provide the requested information within
				fifteen (15) business days of receipt of the request from the commissioner, the
				entire filing will be returned and deemed abandoned.
(b) If the commissioner requests additional
				information from a filer under subsection (a), the thirty (30) day deemer
				provision set forth in IC
				27-1-22-4(e)(2)
				 shall be tolled to and include the business
				day following the day the filer provides the requested information to the
				commissioner. Thereafter, a new thirty (30) day period will commence.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 80 - Confidentiality of Filings and Supporting Information › Section 80-5 - Retention of documents

Current through July 10, 2024
Authority: IC
				  27-1-22-4
Affected: IC
				  27-1-22-4
Sec. 5.
(a) Filings
				or supporting information containing a confidentiality request returned to a
				filer under IC
				27-1-22-4(e)(3)(A)
				 or IC
				27-1-22-4(e)(3)(B)
				 shall be maintained by the insurer for the
				time period the filing is in public use. Documentation of previous returns or
				withdrawals of filings containing confidentiality requests shall be included in
				any similar future filings containing confidentiality requests.
(b) Filings that are not withdrawn or
				determined to be confidential will not be returned to the filer.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 80 - Confidentiality of Filings and Supporting Information › Section 80-6 - Severability

Current through July 10, 2024
Authority: IC
				  27-1-22-4
Affected: IC
				  27-1-22-4
Sec. 6.
If:
(1) any section
				or portion of a section of this rule; or
(2) its applicability to any person or
				circumstance;
is held invalid by a court, the remainder of the rule or the
				  applicability of the provision to other persons or circumstances shall not be
				  affected.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 81 - Corporate Governance Annual Disclosure › Section 81-1 - Definitions

Current through July 10, 2024
Authority: IC 27-1-4.1-15
Affected: IC 27-1-4.1; IC 27-1-23.5-7
Sec. 1.
The definitions set forth in IC 27-1-4.1 and the following
				  definitions apply throughout this rule:
(1) "Commissioner" means the commissioner of
				the department of insurance.
(2)
				"Corporate governance annual disclosure" or "CGAD" means a confidential report
				filed by an insurer or insurance group under IC 27-1-4.1.
(3) "NAIC" means the National Association of
				Insurance Commissioners.
(4) "ORSA
				summary report" has the meaning set forth in IC 27-1-23.5-7.
(5) "Senior management" means any corporate
				officer responsible for reporting information to the board of directors at
				regular intervals or providing this information to shareholders or regulators
				and shall include, for example and without limitation, the following:
(A) Chief executive officer.
(B) Chief financial officer.
(C) Chief operations officer.
(D) Chief procurement officer.
(E) Chief legal officer.
(F) Chief information officer.
(G) Chief technology officer.
(H) Chief revenue officer.
(I) Chief visionary officer.
(J) Any other "C" level executive.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 81 - Corporate Governance Annual Disclosure › Section 81-2 - Filing procedures

Current through July 10, 2024
Authority: IC 27-1-4.1-15
Affected: IC 27-1-4.1-6
Sec. 2.
(a) An
				insurer, or the insurance group of which the insurer is a member, required to
				file a CGAD by IC 27-1-4.1, shall, no later than June 1 of each calendar year,
				submit to the commissioner a CGAD that contains the information described in
				section 3 of this rule.
(b) The
				CGAD must include a signature of the insurer's or insurance group's chief
				executive officer or corporate secretary attesting to the best of that
				individual's belief and knowledge that the insurer or insurance group has
				implemented the corporate governance practices and that a copy of the CGAD has
				been provided to the insurer's or insurance group's board of directors or the
				appropriate committee thereof.
(c)
				The insurer or insurance group shall have discretion regarding the appropriate
				format for providing the information required by this rule and is permitted to
				customize the CGAD to provide the most relevant information necessary to permit
				the commissioner to gain an understanding of the corporate governance
				structure, policies, and practices utilized by the insurer or insurance
				group.
(d) For purposes of
				completing the CGAD, the insurer or insurance group may choose to provide
				information on governance activities that occur at:
(1) the ultimate controlling parent
				level;
(2) an intermediate holding
				company level; or
(3) the
				individual legal entity level; depending upon how the insurer or insurance
				group has structured its system of corporate governance.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 81 - Corporate Governance Annual Disclosure › Section 81-3 - Contents of corporate governance annual disclosure

Current through July 10, 2024
Authority: IC 27-1-4.1-15
Affected: IC 27-1-4.1-15
Sec. 3.
(a) The
				insurer or insurance group shall be as descriptive as possible in completing
				the CGAD, with inclusion of attachments or example documents that are used in
				the governance process, since these may provide a means to demonstrate the
				strengths of their governance framework and practices.
(b) The CGAD shall describe the insurer's or
				insurance group's corporate governance framework and structure including
				consideration of the following items:
(1) The
				board of directors and various committees thereof ultimately responsible for
				overseeing the insurer or insurance group and the levels at which that
				oversight occurs, including, but not limited to:
(A) the ultimate control level;
(B) the intermediate holding company level;
				or
(C) the legal entity
				level.