reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-5 - Compensation limitations

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102
Sec. 5.
(a) An
				insurer shall not pay compensation in excess of forty percent (40%) of the net
				written prima facie premium of which not more than thirty-three
[percent]
(33%) of net written prima facie premium may be paid
				to a creditor.
(b) For purposes of
				subsection (a), prima facie premium means premium using the premium rates set
				out in sections 6 and 7 of this rule, or actuarially consistent premium rates
				for plans not described in sections 6 and 7 of this rule, without any
				adjustment pursuant to section 10 of this rule.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-6 - Credit life insurance rates

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102
Sec. 6.
(a) Subject
				to the conditions and requirements in subsection (b) and section 10 of this
				rule, the following prima facie rates are considered to meet the requirements
				of section 4 of this rule, and may be used without filing additional actuarial
				support:
(1) For monthly outstanding balance
				basis, sixty-nine cents ($0.69) per month per one thousand dollars ($1,000) of
				outstanding insured debt on single life and one dollar and fifteen cents
				($1.15) per month per one thousand dollars ($1,000) of outstanding insured debt
				on joint life if premiums are payable on a monthly outstanding balance
				basis.
(2) If the premium is
				charged on a single premium basis, the rate shall be computed according to the
				following formula or according to a formula approved by the commissioner that
				produces rates substantially the same as those produced by the following
				formula:
Click here
				  to view Image
Where: Sp = Single premium per one
				  hundred dollars ($100) of initial consumer credit life insurance
				  coverage.
Op = 0.69, the prima facie consumer
				  credit life insurance premium rate for monthly outstanding balance coverage
				  from subdivision (1).
It = The scheduled amount of insurance
				  for month t.
Ii = Initial amount of insurance. For
				  a net insurance policy, Ii equals the initial principal
				  balance of the loan.
dis = 0.0044, representing an annual discount rate of 5.0%
				  for interest plus four-tenth
[sic., four-tenths]
of one
				  percent (0.4%) for mortality.
n = The number of months in the term of the insurance.
(3) If the benefits provided are
				other than those described in this section, premium rates for such benefits
				shall be actuarially consistent with the rates provided in subdivisions (1) and
				(2).
(4) The prima facie rates
				included in this subsection and any other rates approved for use that are
				computed in accordance with the formula in subdivision (2) are presumed
				sufficient to provide for up to two (2) months of delinquencies. Therefore, the
				determination of the premium shall not reflect delinquencies.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-7 - Credit accident and health insurance rates

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102
Sec. 7.
(a) Subject
				to the conditions and requirements in subsection (b) and section 10 of this
				rule, the following prima facie rates are considered to meet the requirements
				of section 4 of this rule, and may be used without filing additional actuarial
				support:
(1) If premiums are payable on a
				single-premium basis for the duration of the coverage, the prima facie rate per
				one hundred dollars ($100) of initial insured debt for single accident and
				health is as set forth in the following table and rates for monthly periods
				other than those listed shall be interpolated or extrapolated:
Original Number of Equal Monthly
							 Installments
14 Day Retroactive Policy
14 Day Nonretroactive
							 Policies
30 Day Retroactive Policies
30 Day Nonretroactive
							 Policies
6
1.54
1.01
1.04
0.79
12
2.04
1.42
1.40
1.05
24
2.73
1.97
1.97
1.37
36
3.35
2.57
2.53
1.83
48
3.71
2.93
2.89
2.16
60
4.00
3.22
3.19
2.44
72
4.27
3.47
3.45
2.69
84
4.49
3.71
3.68
2.93
96
4.71
3.93
3.89
3.15
108
4.92
4.13
4.10
3.36
120
5.12
4.32
4.29
3.55
(2)
				If premiums are paid on the basis of a premium rate per month per thousand of
				outstanding insured gross debt, these premiums shall be computed according to
				the following formula or according to a formula approved by the commissioner,
				that produces rates actuarially consistent with the single premium rates in
				subdivision (1):
Click here
				  to view Image
Where: SPn = Single premium rate per
				  one hundred dollars ($100) of initial insured debt repayable in n equal monthly
				  installments as shown in subdivision (1).
OPn = Monthly outstanding balance
				  premium rate per one thousand dollars ($1,000).
n = The number of months in the term of the insurance.
dis = 0.0041, representing an annual discount rate of five
				  percent (5.0%) for interest.
(3) If the coverage provided is a constant
				maximum indemnity for a given period of time, the actuarial equivalent of
				subdivisions (1) and (2) shall be used.
(4) If the coverage provided is a combination
				of a constant maximum indemnity for a given period of time after which the
				maximum indemnity begins to decrease in even amounts per month, an appropriate
				combination of the premium rate for a constant maximum indemnity for a given
				period of time, and the premium rate for a maximum indemnity that decreases in
				even amounts per month shall be used.
(5) The outstanding balance rate for credit
				accident and health insurance may be either a term-specified rate or may be a
				single composite term outstanding balance rate.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-8 - Refund formulas

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102;
				  IC
				  27-8-4-8
Sec. 8.
(a) In the
				event of termination, no charge for consumer credit insurance may be made for
				the first fifteen (15) days of a month and a full month may be charged for
				sixteen (16) days or more of a month.
(b) The requirement of IC
				27-8-4-8(B)
				 that refund formulas be filed with the
				commissioner shall be considered fulfilled if the refund formulas are set forth
				in the individual policy or group certificate filed with the
				commissioner.
(c) Refund formulas
				must develop refunds that are at least as favorable to the debtor as refunds
				equal to the premium cost of scheduled benefits subsequent to the date of
				cancellation or termination, computed at the schedule of premium rates in
				effect on the date of issue.
(d) No
				refund of one dollar ($1) or less need be made.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-9 - Experience reports and adjustment of prima facie rates

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102
Sec. 9.
(a) Each
				insurer doing insurance business in this state shall annually file with the
				commissioner and the National Association of Insurance Commissioners (NAIC)
				support and services office a report of consumer credit insurance written on a
				calendar year basis. The report shall utilize the Credit Insurance
				Supplement-Annual Statement Blank as approved by the NAIC, and shall contain
				data separately for each state, rather than an allocation of the company's
				countrywide experience. The filing shall be made in accordance with and no
				later than the due date in the instructions to the annual statement.
(b) The commissioner will, on a triennial
				basis, review the loss ratio standards set forth in section 4 of this rule and
				the prima facie rates set forth in sections 6 and 7 of this rule and determine
				the rate of expected claims on a statewide basis, compare such rate of expected
				claims with the rate of actual claims for the preceding three (3) years
				determined from the incurred claims and earned premiums at prima facie rates
				reported in the annual statement supplement or other available source, and
				publish in the Indiana Register the adjusted actual statewide prima facie rates
				to be used by insurers during the next triennium. The rates will reflect the
				difference between actual claims based on experience and expected claims based
				on the loss ratio standards set forth in section 4 of this rule applied to the
				prima facie rates set forth in sections 6 and 7 of this rule. If the
				commissioner determines, at the conclusion of the triennial review, that the
				rate adjustment is de minimus
[sic., de minimis]
, then the
				statewide prima facie rate will not be changed. The commissioner will publish a
				statement that the rate will not change and the results of the rate review
				required by this subsection.
(c)
				The commissioner will, on a triennial basis, review the discount rates for
				interest included in the formulae in sections 6(a) and 7(a) of this rule, and
				adjust those discount rates to equal the average of the rates being paid at
				that time on three (3) year United States Treasury notes as reported in the
				Wall Street Journal on the last day of sale in the most recent three (3)
				calendar years. The commissioner shall publish the revised discount rates in
				the Indiana Register. If the commissioner determines, at the conclusion of the
				triennial review, that the rate adjustment is de minimus
[sic., de
				minimis]
, then the discount rate will not be changed.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-10 - Use of rates; direct business only

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102
Sec. 10.
(a) An
				insurer that files rates or has rates on file that are equivalent to the prima
				facie rates shown in sections 6 and 7 of this rule, to the extent adjusted
				pursuant to section 9 of this rule, may use those rates without further proof
				of their reasonableness.
(b) An
				insurer may file for approval of and use rates that are higher than the prima
				facie rates shown in sections 6 and 7 of this rule, to the extent adjusted
				pursuant to section 9 of this rule, as long as the filed rates are consistent
				with section 4 of this rule. If rates higher than the prima facie rates shown
				in sections 6 and 7 of this rule, to the extent adjusted pursuant to section 9
				of this rule, are filed for approval, the filing shall specify the account or
				accounts to which the rates apply. The rates may be applied:
(1) uniformly to all accounts of the
				insurer;
(2) on an equitable basis
				approved by the commissioner to only one (1) or more accounts of the insurer
				for which the experience has been less favorable than expected; or
(3) according to a case-rating procedure on
				file with the commissioner.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-11 - Supervision of consumer credit insurance operations

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102
Sec. 11.
(a) Each
				insurer transacting credit insurance in this state shall be responsible for
				conducting a thorough periodic review of creditors with respect to their credit
				insurance business with such creditors, to assure compliance with the insurance
				laws of this state and the rules promulgated by the commissioner.
(b) Written records of such reviews shall be
				maintained by the insurer for a period of no less than five (5) years for
				review by the commissioner.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-12 - Prohibited transactions

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102;
				  IC 27-4-1
Sec. 12.
The following practices, when engaged in by insurers in
				  connection with the sale or placement of consumer credit insurance, or as an
				  inducement thereto, shall be considered unfair methods of competition subject
				  to the provisions of IC 27-4-1:
(1)
				The offer or grant by an insurer to a creditor of any special advantage or any
				service not set out in either the group insurance contract or in the agency
				contract, other than the payment of agent's commissions.
(2) Deposit by an insurer of money or
				securities without interest or at a lesser rate of interest than is currently
				being paid by the creditor, bank, or financial institution to other depositors
				of like amounts for similar durations. This subsection shall not be construed
				to prohibit the maintenance by an insurer of such demand deposits or premium
				deposit accounts as are reasonably necessary for use in the ordinary course of
				the insurer's business.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-1 - Authority

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-3-21
Sec. 1.
This rule is adopted and promulgated by the department under
				  IC
				  27-10-2-1
				  and IC
				  27-10-3-21.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-1.5 - Definitions

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-1-4;
				  IC 27-10-1-9; IC 27-10-3
Sec. 1.5.
The following definitions apply throughout this rule:
(1) "Bail agent" has the meaning set forth in
				IC 27-10-1-4.
(2) "Commissioner"
				means the commissioner of the department.
(3) "Continuing education class" means
				classes available to licensed bail or recovery agents on topics related to the
				bail industry necessary to renew a license under IC 27-10-3-7(b).
(4) "Department" means the department of
				insurance.
(5) "Prelicensing class"
				means a classroom course of study to prepare an applicant for taking the
				examination test as required by IC 27-10-3-3(a)(4) and IC
				27-10-3-5(4).
(6) "Provider" means
				a person or entity that offers an approved prelicensing or continuing education
				class.
(7) "Qualified instructor"
				means a person who has obtained a high school diploma and also meets one (1) of
				the following criteria:
(A) Holds a valid
				teaching license in the state of Indiana.
(B) Has a minimum of ten (10) years of
				managerial, supervisory, or teaching experience in the bail industry.
(C) Holds a property and casualty insurance
				producer license with the designation of:
(i)
				CPCU;
(ii) FLMI;
(iii) CIC; or
(iv) CHFC. A qualified instructor must be
				compliant with all applicable state laws and
				18
				U.S.C. 1033 and may not have a bail agent or
				recovery agent license or insurance producer license that is, or has in the
				past been, suspended or revoked in Indiana or any other state without the
				express written consent of the commissioner.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-2 - Soliciting business; actions considered

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-3-18; IC
				  27-10-4-2
Sec. 2.
(a) A bail
				agent or a recovery agent shall be deemed to be soliciting business in
				violation of the law if the bail agent or recovery agent, while present in any:
(1) jail;
(2) sheriff's office;
(3) constable's office;
(3) police station;
(4) courthouse; or
(5) courtroom; without invitation, speaks
				with, approaches, or communicates with, in writing or otherwise, any person,
				with the intent to solicit bail business.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-3 - Solicitation on bail agent's behalf by unlicensed person

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-4-2
Sec. 3.
(a) Any
				licensed bail agent who knowingly permits any person, not licensed as a bail
				agent, to solicit business on the agent's behalf as prohibited by law, shall be
				deemed to be in violation of the law.
(b) Any person, not licensed as a bail agent,
				who:
(1) is connected with a bail agent or a
				surety company; and
(2) makes
				unsolicited contact with a defendant before the approval or acceptance of the
				bond by a proper officer; shall be deemed to be soliciting bail bonds without a
				license.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-4 - Power of attorney

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-4-5
Sec. 4.
Any licensed bail agent acting on behalf of an authorized
				  surety company must attach to each bond a numbered, original properly executed
				  power of attorney from the surety company in an amount of at least the penalty
				  of the bond.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-5 - Receipts for receiving and returning collateral

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-2-14
Sec. 5.
(a) When a
				bail agent accepts collateral, the agent shall give a written receipt. The
				receipt shall do the following:
(1) Identify
				the bond for which the collateral was received.
(2) Give a full description of the
				collateral.
(3) Name the individual
				giving the collateral.
(4) Specify
				the terms for redemption of the collateral.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-6 - Manner of conducting business; capacity in which bail agent acts

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-3-8
Sec. 6.
Every bail agent and recovery agent shall conduct the
				  agent's business in such a manner that the public and those dealing with the
				  agent shall be aware of the capacity in which the agent is acting. No bail
				  agent or recovery agent shall misrepresent his or her
				  authority.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-7 - Gifts to public officials or prisoners prohibited; gifts to relatives permitted

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-4-2
Sec. 7.
No bail agent shall give, directly or indirectly, any gift
				  of any kind to any of the following:
(1) A public official.
(2) An employee of any government
				agency.
(3) A prisoner in any jail
				or place of detention.
This section shall not prevent the customary giving of gifts
				  to relatives by blood or marriage.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-8 - Records must be kept; information required

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-2-14
Sec. 8.
(a) Every
				bail agent shall keep complete records of all business done under authority of
				the:
(1) agent's license; or
(2) license of any bail agent employed by the
				agent.
All records kept by the bail agent, including all documents
				  and copies thereof, shall be open to inspection or examination by the
				  commissioner or his or her representatives at all reasonable times at the
				  principal place of business of the bail agent as designated in the bail agent's
				  license.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-8.5 - Change of address

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-2
Sec. 8.5.
A bail agent shall maintain a current address with the
				  department. Any change of address shall be submitted to the department, in
				  writing, within thirty (30) days.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-9 - Acceptance of collateral for bail bond; collateral receipt required

Current through July 10, 2024
Authority: IC
				  27-10-2-1
Affected: IC
				  27-10-2
Sec. 9.
(a) Each
				bail agent who accepts collateral security for a bail bond shall maintain a
				copy of the bond and shall attach a copy of the receipt for the collateral
				received.
(b) The copy of the
				receipt for the collateral security is not required to be filed with the
				court.
(c) A bail agent may not
				refuse to return collateral based solely on the fact a person lost his or her
				receipt for the collateral.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-10 - Contract between principal and surety; terms and conditions

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-10-2-3;
				  IC
				  27-10-4-4
Sec. 10.
(a) The
				terms and conditions of all contracts entered into between a principal and a
				surety for a bail bond shall set forth the:
(1) bond number;
(2) date;
(3) amount of the premium; and
(4) name of the surety company; on the form
				approved by the commissioner. A specimen form of the terms and conditions
				appears in subsection (b). Any other form may be used upon the approval of the
				commissioner that meets the minimum standards of the specimen form.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-11 - Prelicensing and continuing education classes

Current through July 10, 2024
Authority: IC
				  27-10-3-21
Affected: IC 27-10; IC 35
Sec. 11.
(a)
				Prelicensing and continuing education classes must be filed with and approved
				by the commissioner. Any of the following persons or entities may submit a
				prelicensing or continuing education class for approval:
(1) An individual.
(2) An insurance company.
(3) An insurance or bail trade
				organization.
(4) An accredited
				college.
(5) An insurance education
				association.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-12 - Approval of instructor

Current through July 10, 2024
Authority: IC
				  27-10-3-21
Affected: IC 27-10; IC 35
Sec. 12.
(a) An
				instructor must be a qualified instructor and approved by the commissioner to
				teach a prelicensing or continuing education class. A qualified instructor that
				has been approved by the commissioner may teach any bail or recovery agent
				class that has been approved by the commissioner.
(b) A qualified instructor may become
				approved by submitting an application on a form prescribed by the
				department.
(c) The application for
				approval shall be accompanied by an application fee of twenty dollars
				($20).
(d) Approval of an
				instructor is valid for two (2) years.
(e) The commissioner may, after notice and an
				opportunity for a hearing, withhold, withdraw, suspend, or revoke the approval
				of an instructor if the commissioner finds any of the following:
(1) The instructor has made a material
				misrepresentation on any of the following:
(A)
				The application submitted to the commissioner.
(B) A certificate of completion.
(C) Attendance records.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-13 - Education hour

Current through July 10, 2024
Authority: IC
				  27-10-3-21
Affected: IC 27-10; IC 35
Sec. 13.
(a) A
				prelicensing or continuing education hour is based on a one (1) hour block of
				time. Fifty (50) minutes of instruction in a sixty (60) minute period of time
				will constitute one (1) credit hour.
(b) Education credit hours will be approved
				in not less than one-half (1/2) hour increments.
(c) One (1) education credit hour is the
				minimum number of hours that will be approved for any prelicensing program or
				continuing education class. Eight (8) hours of classroom instruction per day is
				the maximum number of hours that will be approved for any prelicensing program
				or continuing education class.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 6.2 - Bail Agents and Recovery Agents › Section 6.2-14 - Certificate of completion

Current through July 10, 2024
Authority: IC
				  27-10-3-21
Affected: IC 27-10; IC 35
Sec. 14.
(a) The
				certificate of completion for a prelicensing class required by section 11 of
				this rule is as follows:
Click
				  here to view Image
Click here to view
				  Image
(b) The
				certificate of completion for a continuing education class required by section
				11 of this rule is as follows:
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Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 7 - Segregated Investment Account Contracts › Section 7-1 - Authority to promulgate rule; purpose and applicability of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-5-1
Sec. 1.
Authority and Purpose. Pursuant to the authority given by the
				  Insurance Laws of the State of Indiana, particularly Acts 1935, Chapter 162,
				  Section 14
[IC 27-1-3-7]
, the Department of Insurance (the
				  "Department") hereby makes and promulgates the following rules and regulations
[ 760 IAC 1-7 ]
, declaring that the conduct or transaction of
				  business by an insurance company subject to the laws of the State of Indiana in
				  any manner contrary to these regulations
[ 760 IAC 1-7 ]
shall
				  be deemed to be an unsafe manner, and that it is the purpose of these rules and
				  regulations
[ 760 IAC 1-7 ]
to establish safe and sound methods
				  for the transaction of the type of business to which they pertain.
On and after the effective date hereof, these rules and
				  regulations
[ 760 IAC 1-7 ]
shall apply to insurance companies
				  issuing or delivering within this state contracts of the nature described in
				  Class I(c) of Section 59
[IC
				  27-1-5-1
				  ]
of the Insurance Laws of the State of Indiana (hereinafter referred
				  to as "Class I(c) Contracts").
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 7 - Segregated Investment Account Contracts › Section 7-2 - Qualification of insurer; factors

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-5-1
Sec. 2.
Qualifications of Insurer. No insurance company shall issue
				  or deliver Class I(c) Contracts within this State unless and until it shall
				  have qualified, to the reasonable satisfaction of the Department, to issue or
				  deliver such contracts. In any determination of the qualifications of a
				  company, the following factors shall be considered:
(a) the history, financial status and
				reputation of the company
(b) the
				character and competence of the directors and officers of the company
(c) whether, in the case of a company not
				organized under the laws of the State of Indiana, the regulation provided by
				the laws of its domicile provides a degree of protection to the public and to
				holders of its contracts substantially equal to that provided by the laws of
				this state and the rules and regulations issued by the Department pursuant
				thereto.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 7 - Segregated Investment Account Contracts › Section 7-3 - Illustrations of benefits payable; restrictions

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-5-1
Sec. 3.
Illustration of Benefits Payable. No illustration shall
				  misrepresent the terms of any Class I(c) Contract or the benefits or advantages
				  promised thereby.
Illustration of benefits payable under any Class I(c)
				  Contract shall not involve projections of past investment experience into the
				  future or attempted predictions of future investment experience.
Illustrations of benefits payable, the amount of which may
				  vary by reason of experience factors derived from a segregated investment
				  account, shall be reasonable and shall contain a clear statement that said
				  benefits may vary and are not guaranteed as to fixed dollar amount.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 7 - Segregated Investment Account Contracts › Section 7-4 - Filing of forms; disapproval by department

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-5-1
Sec. 4.
Filing, Disapproval and Withdrawal of Forms. No Class I(c)
				  Contract shall be issued or delivered in this state until a copy of the form
				  thereof and, in the case of such a contract on a group basis, a copy of the
				  form of any certificate issued pursuant thereto, and a copy of the form of the
				  application for a Class I(c) Contract shall have been filed with the
				  Department. The Department shall disapprove of, or withdraw from file, any such
				  forms which are ambiguous, misleading, or deceptive, or likely to mislead or
				  deceive the policyholder, certificate holder, or applicant.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 7 - Segregated Investment Account Contracts › Section 7-5 - Accounting; transfers between accounts

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-5-1
Sec. 5.
Any insurance company which issues Class I(c) contracts shall
				  establish such administrative and accounting procedures as are necessary to
				  properly identify a segregated investment account of the company derived from
				  or in relation to contributions, premiums or considerations received by it
				  under Class I(c) contracts. A Class I(c) contract may provide that all or a
				  portion of the segregated investment account is derived from a designated
				  percentage of specific assets in the company's general investment portfolio. No
				  insurance company which issues Class I(c) contracts shall transfer assets
				  between segregated investment accounts or between any such account and other
				  accounts except for the purposes of (1) conducting the business of such account
				  in accordance with provisions of the Class I(c) contract, or (2) making the
				  adjustments necessitated by the Class I(c) contract and the mortality
				  experience adjustment specified in Section 59 (IC
				  27-1-5-1
				  ) of the Indiana insurance laws, and then only if such transfers are
				  made-
(i) by a transfer of cash,
				or
(ii) by a transfer of securities
				having a value which can readily be determined in the market place, provided
				such transfer of securities has been approved by the department in advance of
				the transfer, or
(iii) by a
				transfer of assets other than cash or securities having a value which can
				readily be determined in the market place if, in the opinion of the department,
				such transfer is not inequitable, provided such transfer of other assets has
				been approved by the department in advance of the transfer.
This provision shall not preclude or prohibit any of the
				  following procedures:
(a) The exchange
				of securities in a segregated investment account may be made for cash from the
				general investment account of an insurance company, or the exchange of
				securities in such general investment account may be made for cash from a
				segregated investment account if
(i) the
				securities so exchanged have values which can readily be determined in the
				market place,
(ii) the exchange is
				made on the basis of the market values applicable to the securities at the time
				of the exchange, and
(iii) the
				consent of the department to such exchange has been obtained in
				advance.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 7 - Segregated Investment Account Contracts › Section 7-6 - Valuation of separate account assets

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-5-1
Sec. 6.
Valuation of Separate Account Assets. The valuation of all
				  assets maintained in a segregated investment account devoted to Class I(c)
				  Contracts shall be determined at the market value of such assets on the date of
				  valuation, or if there is no readily available market, then in accordance with
				  the terms of the Class I(c) Contract.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 7 - Segregated Investment Account Contracts › Section 7-7 - Foreign insurance companies

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-5-1
Sec. 7.
Other Than Indiana Domestic Insurers. A life insurance
				  company incorporated under the laws of any state or jurisdiction other than
				  this state and authorized to do business in this state may be authorized to
				  issue or deliver in this state Class I(c) Contracts only if authorized to issue
				  such contracts under the laws of its domicile and the rules, regulations or
				  other similar promulgations of the Insurance Department or similar regulatory
				  agency of its home state.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 7 - Segregated Investment Account Contracts › Section 7-8 - Variable annuity income benefits

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-5-1
Sec. 8.
Variable Annuity Income Benefits. The following additional
				  rules and regulations shall apply to any Class I(c) Contract which provides
				  annuity income benefits, the amount of which may vary by reason of experience
				  factors derived from a segregated investment account or accounts:
(a) In the case of any individual Class I(c)
				Contract, the mortality and investment increment factors used in computing the
				dollar amount of variable annuity income benefits or other contractual payments
				or values shall not produce a larger initial payment than would be produced by
				the use of the Annuity Mortality Table for 1949, Ultimate, and an annual
				investment increment assumption of 5%, except with the approval of the
				Department.
(b) Any Class I(c)
				Contract providing variable annuity income benefits may include a provision
				providing for stabilization of income through the use of an income
				stabilization reserve established pursuant to such provision.
(c) Any Class I(c) Contract providing
				variable annuity income benefits may contain a provision, applicable in the
				event of the surrender of such contract, for the payment of the value thereof
				over a period of time specified in the contract.
(d) Any individual Class I(c) Contract
				providing variable annuity income benefits delivered or issued for delivery in
				this state, and any certificate evidencing variable annuity income benefits
				under a Class I(c) Contract on a group basis, shall contain a statement of the
				essential features of the procedure to be followed by the insurance company in
				determining the dollar amount of annuity income benefits or other contractual
				payments or values thereunder and shall state in clear terms that such amount
				may decrease or increase according to such procedure. Each such contract and
				certificate shall contain on its first page, in a prominent position, a clear
				statement that the annuity income benefits or other contractual payments or
				values thereunder are on a basis which may vary according to the experience of
				assets in an account or accounts to which such individual or group contract is
				related.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 9 - Accident and Sickness Insurance-Valuation of Individual Policies › Section 9-1 - Authority to promulgate rule; purpose of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-8-5-1; IC 27-8-5-3
Sec. 1.
AUTHORITY AND PURPOSE. This regulation
[ 760 IAC 1-9
				  ]
is issued pursuant to the authority set forth in the Acts 1935,
				  Chapter 162, Section 14
[IC
				  27-1-3-7 ]
(Burns' Indiana Statutes, Section 39-3911
[IC
				  27-1-3-7
				  ]
). This regulation concerns the valuation of all individual accident
				  and health insurance policies to place a sound value on the policy liabilities
				  for the purpose of safeguarding the interests of policyholders, creditors, and
				  shareholders. The valuation of individual accident and health policies set
				  forth herein is on the bases recommended by the National Association of
				  Insurance Commissioners (see: N.A.I.C. 1957 Proceedings-Volume I, page
				  77).
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 9 - Accident and Sickness Insurance-Valuation of Individual Policies › Section 9-2 - Classification of individual policies

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-8-5-1;
				  IC
				  27-8-5-3
Sec. 2.
TYPES OF INDIVIDUAL ACCIDENT AND HEALTH INSURANCE POLICIES.
(A) Policies which are guaranteed
				renewable for life or to a specified age, such as 60 or 65, at guaranteed
				premium rates.
(B) Policies which
				are guaranteed renewable for life or to a specified age, such as 60 or 65, but
				under which the insurer reserves the right to change the scale of
				premiums.
(C) Policies, other than
				those in Type D, in which the insurer has reserved the right to cancel or
				refuse renewal for one or more reasons, but has agreed implicitly or explicitly
				that, prior to a specified time or age, it will not cancel or decline renewal
				solely because of deterioration of health after issue.
(D) Franchise policies or certificates issued
				under or subject to an agreement that, except for stated reasons, the insurer
				will not cancel or refuse to renew the coverage of individual insureds prior to
				a specified age unless all coverage under the same group is
				terminated.
(E) Commercial policies
				and other policies not falling within Types A to D, inclusive.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 9 - Accident and Sickness Insurance-Valuation of Individual Policies › Section 9-4 - National Association of Insurance Commissioners recommendations incorporated by reference

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-8-5-1; IC 27-8-5-3
Sec. 4.
REFERENCE TO "COMMENT AND EXPLANATION" MATERIAL. The
				  substance of the "Comment and Explanation" material relating to the National
				  Association of Insurance Commissioners recommendations (see: N.A.I.C. 1957
				  Proceedings-Volume I, page 80) is incorporated by reference and made a part of
				  this regulation
[ 760 IAC 1-9 ]
.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 11 - Domestic Stock Insurance Companies-Proxies, and Consents and Authorizations › Section 11-1 - Authority to promulgate rule; purpose of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-3-7
Sec. 1.
Authority and Purpose. This regulation
[ 760 IAC
				  1-11 ]
is issued pursuant to the authority set forth in the Indiana
				  Insurance Law, Acts of the Indiana General Assembly of 1935, Chapter 162, Page
				  588, Section 14
[IC 27-1-3-7]
as amended by Acts of the Indiana
				  General Assembly of 1965, Chapter 178, Section 1
[IC 27-1-3-7]
(Burns Indiana Statutes, Section 39-3311
[IC
				  27-1-3-7]
).
The purpose of the
regulation[ 760 IAC 1-11 ]
is to govern the method of soliciting proxies, consents and
				  authorizations by certain domestic stock insurance companies, and to prescribe
				  the form of such proxies, consents and authorizations, and to assure that
				  security holders of such companies be provided with certain information
				  concerning such companies when proxies, consents and authorizations are
				  solicited. This regulation
[ 760 IAC 1-11 ]
is in accordance
				  with regulations recommended to the several states for adoption by the National
				  Association of Insurance Commissioners.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 11 - Domestic Stock Insurance Companies-Proxies, and Consents and Authorizations › Section 11-2 - Applicability of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-3-7
Sec. 2.
Application of Regulation. This regulation
[ 760 IAC
				  1-11 ]
is applicable to each domestic stock insurer which has any class
				  of equity security held of record by one hundred or more persons entitled to
				  vote; provided, however, that this regulation shall not apply to any insurer if
				  ninety-five per cent or more of its equity securities are owned or controlled
				  by a parent or an affiliated insurer and the remaining securities are held of
				  record by less than five hundred persons. A domestic stock insurer which files
				  with the Securities and Exchange Commission forms of proxies, consents and
				  authorizations complying with the requirements of the Securities Exchange Act
				  of 1934, as amended, and the applicable regulations promulgated thereunder,
				  shall be exempt from the provisions of this regulation with respect to any
				  class of securities subject to SEC jurisdiction.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 11 - Domestic Stock Insurance Companies-Proxies, and Consents and Authorizations › Section 11-3 - Solicitation of proxies, consents, and authorizations

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-3-7
Sec. 3.
Proxies, Consents and Authorizations. No domestic stock
				  insurer, or any director, officer or employee of such insurer subject to
				  section one
[
				  760 IAC
				  1-11-2 ]
hereof, or any other person, shall
				  solicit, or permit the use of his name to solicit by mail or otherwise, any
				  proxy, consent or authorization in respect of any class of equity security of
				  such insurer held of record by one hundred or more persons in contravention of
				  this regulation and Schedules A and B
[
				  760
				  IAC 1-11-12 and
				  760
				  IAC 1-11-13 ]
hereto annexed and hereby made a
				  part of this regulation
[ 760 IAC 1-11 ]
.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 11 - Domestic Stock Insurance Companies-Proxies, and Consents and Authorizations › Section 11-4 - Disclosure of equivalent information when solicitation not made

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-3-7
Sec. 4.
Disclosure of Equivalent Information. Unless proxies,
				  consents or authorizations in respect of any class of equity security of a
				  domestic insurer subject to section one
[
				  760 IAC
				  1-11-2 ]
hereof are solicited by or on behalf
				  of the management of such insurer from the holders of record of such security
				  in accordance with this regulation
[ 760 IAC 1-11 ]
and the
				  Schedules hereunder prior to any annual or other meeting of such security
				  holders, such insurer shall, in accordance with this regulation and such
				  further regulations as the Commissioner may adopt, file with the Commissioner
				  and transmit to all security holders of record information substantially
				  equivalent to the information which would be required to be transmitted if a
				  solicitation were made. Such insurer shall transmit a written information
				  statement containing the information specified in subsection 4 of section 5
[
				  760 IAC
				  1-11-6(4) ]
to every security
				  holder who is entitled to vote in regard to any matter to be acted upon at the
				  meeting and from whom a proxy is not solicited on behalf of the management of
				  the insurer; provided, that in the case of a class of securities in
				  unregistered or bearer form such statement need not be transmitted only to
				  those security holders whose names and addresses are known to the insurer.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 11 - Domestic Stock Insurance Companies-Proxies, and Consents and Authorizations › Section 11-5 - Definitions

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-3-7
Sec. 5.
Definitions.
(1) The
				definitions and instructions set out in schedule SIS, as promulgated by the
				National Association of Insurance Commissioners, shall be applicable for
				purposes of this regulation
[ 760 IAC 1-11 ]
.
(2) The terms "solicit" and "solicitation"
				for purposes of this regulation
[ 760 IAC 1-11 ]
shall include:
(a) any request for proxy, whether or not
				accompanied by or included in a form of proxy; or
(b) any request to execute or not to execute,
				or to revoke a proxy; or
(c) the
				furnishing of a form of proxy or other communication to security holders under
				circumstances reasonably calculated to result in the procurement, withholding
				or revocation of a proxy.