reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure › Section 48-3 - Type of product

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-12
Sec. 3.
Accelerated benefit riders and life insurance policies with
				  accelerated benefit provisions are primarily mortality risks rather than
				  morbidity risks. They are life insurance benefits subject to IC 27-1-12.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure › Section 48-4 - Assignee; beneficiary

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-12
Sec. 4.
Prior to the payment of the accelerated benefit, the insurer
				  must obtain from any assignee or irrevocable beneficiary a signed
				  acknowledgement of concurrence for payout. If the insurer making the
				  accelerated benefit is itself the assignee under the policy, no such
				  acknowledgement is required.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure › Section 48-5 - Criteria for payment

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-12
Sec. 5.
The following criteria for payment apply:
(1) Contract payment options shall include
				the option to take the benefit as a lump sum. The benefit shall not be made
				available as an annuity contingent upon the life of the insured.
(2) No restrictions are permitted on the use
				of the proceeds.
(3) If any death
				benefit remains after payment of an accelerated benefit, the accidental death
				benefit provision, if any, in the policy or rider shall not be affected by the
				payment of the accelerated benefit.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure › Section 48-6 - Disclosures

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-12
Sec. 6.
(a) The
				terminology "accelerated benefit" shall be included in the descriptive title.
				Products subject to this rule shall not be described or marketed as long term
				care insurance or as providing long term care benefits.
(b) A disclosure statement that receipt of
				these accelerated benefits may be taxable and that assistance should be sought
				from a personal tax advisor is required at the time of application for the
				policy or rider and at the time the accelerated benefit payment request is
				submitted. The disclosure statement shall be prominently displayed on the first
				page of the policy or rider and any other related documents.
(c) The following disclosure requirements
				apply:
(1) A written disclosure including, but
				not necessarily limited to, a brief description of the accelerated benefit and
				definitions of the conditions or occurrences triggering payment of the benefits
				shall be given to the applicant. The description shall include an explanation
				of any effect of the payment of a benefit on the policy's cash value,
				accumulation account, death benefit, premium, policy loans, and policy liens.
				In addition, the following apply:
(A) In the
				case of agent solicited insurance, the agent shall provide the disclosure form
				to the applicant prior to or concurrently with the application. Acknowledgement
				of the disclosure shall be signed by the applicant and writing agent.
(B) In the case of a solicitation by direct
				response methods, the insurer shall provide the disclosure form to the
				applicant at the time the policy is delivered, with a notice that a full
				premium refund shall be received if the policy is returned to the company
				within the free look period.
(C) In
				the case of group insurance policies, the disclosure form shall be contained as
				part of the certificate of coverage or any related document furnished by the
				insurer for the certificate holder.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure › Section 48-7 - Effective date of the accelerated benefits

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-12
Sec. 7.
(a) The
				contract shall provide that the accelerated benefit provision shall be
				effective for accidents occurring on or after the effective date of the policy
				or rider.
(b) The contract shall
				provide that the accelerated benefit provision is effective for illnesses
				occurring after a period of not longer than thirty (30) days following the
				effective date of the policy or rider.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure › Section 48-8 - Waiver of premium

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-12
Sec. 8.
The insurer may offer a waiver of premium for the accelerated
				  benefit provision in the absence of a regular waiver of premium provision being
				  in effect. At the time the benefit is claimed, the insurer shall explain any
				  continuing premium requirement to keep the policy in force.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure › Section 48-9 - Discrimination

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-12
Sec. 9.
Insurers shall not:
(1) unfairly discriminate among insureds with
				differing qualifying events under the policy or among insureds with similar
				qualifying events covered under the policy; and
(2) apply further conditions on the payment
				of the accelerated benefits other than those conditions specified in the policy
				or rider.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure › Section 48-10 - Actuarial standards

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-12
Sec. 10.
(a) The
				following financing options apply:
(1) The
				insurer may require a premium charge or cost of insurance charge for the
				accelerated benefit. These charges shall be based on sound actuarial
				principles. In the case of group insurance, the additional cost may also be
				reflected in the experience rating.
(2) The insurer may pay a present value of
				the face amount. The calculation shall be based on any applicable actuarial
				discount appropriate to the policy design. The interest rate or interest rate
				methodology used in the calculation shall be based on sound actuarial
				principles and disclosed in the contract or actuarial memorandum provided under
				section 11 of this rule. The maximum interest rate used shall be no greater
				than the greater of:
(A) the current yield on
				ninety (90) day treasury bills; or
(B) the current maximum statutory adjustable
				policy loan interest rate.
(3) The insurer may accrue an interest charge
				on the amount of the accelerated benefits. The interest rate or interest rate
				methodology used in the calculation shall be based on sound actuarial
				principles and disclosed in the contract or actuarial memorandum. The maximum
				interest rate used shall be no greater than the greater of:
(A) the current yield on ninety (90) day
				treasury bills; or
(B) the current
				maximum statutory adjustable policy loan interest rate.
The interest rate accrued on the portion of the accelerated
				  benefits which limit the amount available as a policy loan shall be no more
				  than the policy loan interest rate stated in the contract.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure › Section 48-11 - Actuarial disclosure and reserves

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-12
Sec. 11.
(a) A
				qualified actuary shall describe the accelerated benefits, the risks, the
				expected costs, and the calculation of statutory reserves in an actuarial
				memorandum accompanying each filing. The insurer shall maintain in its files
				descriptions of the bases and procedures used to calculate benefits payable
				under these provisions. These descriptions shall be made available for
				examination by the commissioner of the department of insurance upon
				request.
(b) When benefits are
				provided through the acceleration of benefits under group or individual life
				policies or riders to such policies, policy reserves shall be determined in
				accordance with the Standard Valuation Law. All valuation assumptions used in
				constructing the reserves shall be determined as appropriate for statutory
				valuation purposes by a member in good standing of the American Academy of
				Actuaries. Mortality tables and interest currently recognized for life
				insurance reserves by the National Association of Insurance Commissioners
				(NAIC) may be used as well as appropriate assumptions for the other provisions
				incorporated in the policy form. The actuary must follow both actuarial
				standards and certification for good and sufficient reserves.
Reserves in the aggregate must be sufficient to cover:
(1) policies upon which no claim has yet
				arisen; and
(2) policies upon which
				an accelerated claim has arisen.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure › Section 48-12 - Filing; prior approval

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-12
Sec. 12.
The filing and prior approval of forms containing an
				  accelerated benefit is required.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-1 - Authority

Current through July 10, 2024
Authority: IC
				  27-8-16-14
Affected: IC
				  27-8-16-14
Sec. 1.
This rule is adopted and promulgated by the department of
				  insurance under IC
				  27-8-16-14.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-2 - Definitions

Current through July 10, 2024
Authority: IC
				  27-8-16-14
Affected: IC 27-8-16
Sec. 2.
The definitions in IC 27-8-16 shall apply to all provisions
				  contained in this rule.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-3 - Certification of medical claims review agents

Current through July 10, 2024
Authority: IC
				  27-8-16-14
Affected: IC 4-21.5; IC
				  27-8-16-11
Sec. 3.
(a) An
				application for certification of a medical claims review agent must be filed
				with the department of insurance at 311 West Washington Street, Suite 300,
				Indianapolis, Indiana 46204. Initial applications must be filed on or before
				February 28, 1993.
(b) The
				application, and fees as addressed in section 11 of this rule, must be
				submitted on a medical claims review agent application form that can be
				obtained from the department of insurance. The application form is adopted by
				reference and may be obtained from the Department of Insurance, 311 West
				Washington Street, Suite 300, Indianapolis, Indiana 46204.
(c) The completed application form shall be
				accompanied by a summary of the following information:
(1) Procedures established for appeal of an
				adverse determination. These procedures must comply with section 6 of this
				rule.
(2) Policies and procedures
				that ensure that all applicable state and federal laws to protect the
				confidentiality of medical records are followed. These procedures must comply
				with section 8 of this rule.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-4 - General standards of medical claims review

Current through July 10, 2024
Authority: IC
				  27-8-16-14
Affected: IC 27-8-16
Sec. 4. The medical claims review, including appeal
				  requirements, shall be conducted in accordance with standards or guidelines
				  developed with input from appropriate health care providers and approved by a
				  physician. The medical claims review shall include the following
				  components:
(1) Written procedures for
				the following:
(A) Notification to the
				insurance companies, health maintenance organizations, or other benefit
				programs of the medical claims review agent's determinations.
(B) Appeal of an adverse determination and a
				copy of any forms used during the appeal process, as required by section 6 of
				this rule.
(C) Receiving or
				redirecting toll free telephone calls during normal business hours and after
				hour calls, either in person or by recording, and assurance that a toll free
				number will be maintained forty (40) hours per week during normal business
				hours, as addressed in section 7 of this rule.
(D) Reviewing, including the following:
(i) Any form used during the review
				process.
(ii) Time frames that
				shall be met during the review.
(E) Handling of written complaints by
				enrollees, patients, or health care providers as addressed in section 9(a) of
				this rule.
(F) Determining if
				health care providers utilized by the medical claims review agents are
				licensed.
(G) Orientation and
				training of personnel who perform medical claims review.
(H) Assuring that patient-specific
				information obtained during the process of medical claims review, as addressed
				in section 8 of this rule, will be:
(i) kept
				confidential in accordance with applicable federal and state laws;
(ii) used for purposes of medical claims
				review, quality assurance, discharge planning, and catastrophic case
				management;
(iii) shared with only
				those agencies (such as the claims administrator) that have authority to
				receive such information; and
(iv)
				summary data shall not be considered confidential if it does not provide
				sufficient information to allow for identification of individual
				patients.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-5 - Notice of determinations made by medical claims review agents

Current through July 10, 2024
Authority: IC
				  27-8-16-14
Affected: IC
				  27-8-16-7
Sec. 5.
In making a determination as to reimbursement of a claim,
				  medical claims review agents shall comply with all provisions contained in IC
				  27-8-16-7.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-6 - Appeal of adverse determination of medical claims review agents

Current through July 10, 2024
Authority: IC
				  27-8-16-14
Affected: IC
				  27-8-16-8
Sec. 6.
A medical claims review agent shall comply with all
				  provisions of IC
				  27-8-16-8
				  in establishing an appeal procedure for adverse determinations.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-7 - Medical claims review agent's telephone access

Current through July 10, 2024
Authority: IC
				  27-8-16-14
Affected: IC
				  27-8-16-7
Sec. 7.
(a) A medical
				claims review agent shall have personnel available by toll free telephone at
				least forty (40) hours per week during normal business hours.
(b) A medical claims review agent must have a
				telephone system capable of accepting, recording, or providing instructions to
				incoming calls during other than normal business hours and shall respond to
				such calls not later than two (2) working days after the date on which the call
				was received.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-8 - Confidentiality

Current through July 10, 2024
Authority: IC
				  27-8-16-14
Affected: IC 27-8-16
Sec. 8.
(a) A medical
				claims review agent shall preserve the confidentiality of individual medical
				records to the extent required by state and federal laws.
(b) To assure confidentiality, a medical
				claims review agent must, when contacting a health care provider's office or
				hospital, provide its certification number and the caller's name to the
				provider's named claim review agent representative in the health care
				provider's office.
(c) Medical
				records and patient-specific information shall be maintained by the medical
				claims review agent in a secure area with access limited to medical claims
				review personnel only.
(d)
				Information generated and obtained by the medical claims review agent or
				employer of the medical claims review agent in the course of medical claims
				review shall be retained for at least two (2) years if the information relates
				to a case for which an adverse decision was made at any point or if the
				information relates to a case that may be reopened.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-9 - Complaints and information

Current through July 10, 2024
Authority: IC
				  27-8-16-14
Affected: IC 27-8-16
Sec. 9.
(a) Within a
				reasonable time period, upon receipt of a written complaint alleging a
				violation of this section or IC 27-8-16 by a medical claims review agent, from
				an enrollee's health care provider, a person acting on behalf of the enrollee,
				or the enrollee, the commissioner or a designated department of insurance
				representative shall investigate the complaint and furnish a written response
				to the complainant and the medical claims review agent named. The response will
				not identify in any manner the patient or patients without written consent.
				This response must include the following:
(1)
				A statement of the original complaint.
(2) A copy of any written response by the
				medical claims review agent. The written response should not contain privileged
				medical records. If it is necessary to refer to medical records, they shall be
				forwarded separate from the response and clearly marked as privileged medical
				records.
(3) A statement of the
				findings of the commissioner or a designated department of insurance
				representative and an explanation of the basis of such findings.
(4) Corrective actions, if any, on the part
				of the medical claims review agent that the commissioner or a designated
				department of insurance representative finds appropriate.
(5) A time frame in which any corrective
				actions should be completed. The medical claims review agent will provide
				evidence of corrective action within the specified time frame to the
				commissioner or a designated department of insurance representative.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-10 - Administrative violations

Current through July 10, 2024
Authority: IC
				  27-8-16-14
Affected: IC
				  27-8-16-12
Sec. 10.
If the commissioner, through the commissioner's designated
				  representative, believes that a medical claims review agent may have violated,
				  or is violating, this section or IC 27-8-16, the commissioner's designated
				  representative shall comply with IC
				  27-8-16-12
				  in investigating the complaint and, where appropriate, in imposing sanctions
				  against the medical claims review agent.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 49 - Registration of Medical Claims Review Agents › Section 49-11 - Fees

Current through July 10, 2024
Authority: IC
				  27-8-16-5;
				  IC
				  27-8-16-6;
				  IC
				  27-8-16-14
Affected: IC
				  27-8-16-5;
				  IC
				  27-8-16-6
Sec. 11.
(a) The fee
				for initial application for certification as a medical claims review agent is
				one hundred fifty dollars ($150) and must accompany the application.
(b) The annual renewal fee for a certificate
				as a medical claims review agent is one hundred dollars ($100) and must
				accompany the application. The annual renewal fee is nonrefundable.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-2 - Definitions

Current through July 10, 2024
Authority: IC
				  27-1-15.7-7
Affected: IC
				  27-1-15.6-2; IC
				  27-1-15.7-2; IC
				  27-1-15.7-6
Sec. 2.
In addition to the definitions in IC
				  27-1-15.6-2, the following
				  definitions apply throughout this rule:
(1) "Advisory council" means the insurance
				producer education and continuing education advisory council created by IC 27-1
				15.7-6.
(2) "Department" means the
				department of insurance.
(3)
				"Producer" means an insurance producer as defined by IC
				27-1-15.6-2(7) 
				and shall also include a solicitor licensed under IC
				27-1-15.6-2(7).
(4) "Provider" means an individual, insurance
				company, insurance trade association, accredited college, or insurance
				education institution that offers an insurance producer continuing education
				course that is approved by the commissioner.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-3 - Continuing education credit hour defined

Current through July 10, 2024
Authority: IC
				  27-1-15.7-4; IC
				  27-1-15.7-7
Affected: IC
				  27-1-15.7-2
Sec. 3.
(a) A
				continuing education credit hour is based on a one (1) hour block of time.
				Fifty (50) minutes of instruction in a sixty (60) minute period will constitute
				one (1) continuing education credit hour. Time designated by the provider as
				break time may not be considered when computing course credit hours.
(b) Continuing education credit hours will be
				approved in no less than one-half (1/2) hour increments.
(c) One (1) continuing education credit hour
				is the minimum number of hours that will be approved for a continuing education
				course.
(d) Eight (8) hours of
				classroom instruction per day are the maximum number of hours that will be
				approved for a continuing education course.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-4 - Application requirements

Current through July 10, 2024
Authority: IC
				  27-1-15.7-4; IC
				  27-1-15.7-7
Affected: IC
				  27-1-15.7-2
Sec. 4.
(a) Any:
(1) individual;
(2) insurance company;
(3) insurance trade association;
(4) insurance producer association;
(5) accredited college; or
(6) insurance education institution;
may submit continuing education courses for approval by the
				  commissioner.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-5 - Requirements for self-study continuing education courses

Current through July 10, 2024
Authority: IC
				  27-1-15.7-4; IC
				  27-1-15.7-7
Affected: IC
				  27-1-15.6-12
Sec. 5.
(a) In
				addition to the requirements in section 4 of this rule, self-study courses are
				subject to the following requirements:
(1) A
				producer enrolled in a self-study course, including a computer-based course,
				shall take a written or computer-based examination at the conclusion of the
				self-study course. The written or computer-based examination must comply with
				the following requirements:
(A) Examination
				questions shall be multiple choice.
(B) Questions shall be selected at random
				from a bank of questions.
(C) At
				least three (3) different versions of the examination shall be used on a random
				basis.
(D) The examination for a
				course approved for eight (8) hours of credit or less shall consist of at least
				twenty-five (25) questions.
(E) The
				examination for a course approved for greater than eight (8) hours of credit
				shall consist of at least fifty (50) questions.
(F) The examination for a course approved for
				greater than twelve (12) hours of credit shall consist of at least seventy-five
				(75) questions.
(G) The written
				examination shall be sealed in an opaque envelope. The testing protocol and
				affidavit requirements of subdivision (4) shall be written on the outside of
				the envelope.
(H) The examination
				shall be graded by the provider.
(I) A computer-based examination may not
				include prompts designed to aid the student in answering examination
				questions.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-6 - Appeals of continuing education courses

Current through July 10, 2024
Authority: IC
				  27-1-15.5-7.1
Affected: IC
				  27-1-15.5-7.1
Sec. 6.
(a) In the
				event a provider objects to the number of hours assigned to a continuing
				education course or the commissioner disapproves a course, the provider may
				appeal the commissioner's decision. The appeal shall be made in writing to the
				commissioner within thirty (30) days after the commissioner's
				decision.
(b) The commissioner, in
				consultation with the advisory council, shall consider any appeal filed by a
				provider.
(c) The decision of the
				commissioner shall be a final administrative order.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-7 - Record keeping requirements

Current through July 10, 2024
Authority: IC
				  27-1-15.7-7
Affected: IC
				  27-1-15.7-4
Sec. 7.
(a) A
				provider shall take attendance at each continuing education course. The
				provider shall retain the attendance reports for four (4) years. The attendance
				report shall contain the following information:
(1) The producer's name.
(2) The producer's license number.
(3) The producer's birth date.
(4) The producer's signature.
(5) Any other information requested by the
				department.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-9 - Solicitor's continuing education requirements

Current through July 10, 2024
Authority: IC
				  27-1-15.5-7.1
Affected: IC
				  27-1-15.5-7.3; IC
				  27-1-15.5-7.7
Sec. 9.
Beginning with the January 1993 renewals, and each year
				  thereafter, individuals renewing their solicitor's license must show proof of
				  having completed fifteen (15) hours of continuing education credit each year.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-10 - Reciprocal agreements

Current through July 10, 2024
Authority: IC
				  27-1-15.5-7.1
Affected: IC
				  27-1-15.5-7.3
Sec. 10.
(a) The
				department may enter into reciprocal agreements with other states for the
				approval or disapproval of continuing education courses. When considering an
				application for continuing education course approval, the department shall
				approve a continuing education course approved by a state that has entered into
				a reciprocal agreement with the department for the same number of credit hours
				it was approved for in the other state.
(b) Notwithstanding subsection (a), no course
				described in IC
				27-1-15.5-7.3(b) 
				shall be approved under this section.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-11 - List of continuing education course providers

Current through July 10, 2024
Authority: IC
				  27-1-15.5-7.1
Affected: IC
				  27-1-15.5-7.1
Sec. 11.
The department shall maintain a current list of providers
				  who offer approved continuing education courses.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-13 - Retirement exemption

Current through July 10, 2024
Authority: IC
				  27-1-15.7-7
Affected: IC
				  27-1-15.6-12
Sec. 13.
(a) A
				retired producer who is required by an insurer to maintain his or her license
				in order to collect commissions on business written before retirement may apply
				for an exemption from continuing education requirements.
(b) To obtain a retirement exemption, a
				producer shall complete and submit to the department the exemption form set
				forth in section 13.5 of this rule.
(c) The producer shall notify the department
				of any changes in his or her retirement status.
(d) A retired producer who solicits or
				services a policy is not eligible to apply for or retain an exemption from the
				continuing education requirements.
(e) A producer who fails to notify the
				department of any change in status under this section will be subject to
				administrative action under IC
				27-1-15.6-12.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 50 - Continuing Education › Section 50-13.5 - Retirement exemption form

Current through July 10, 2024
Authority: IC
				  27-1-15.7-7
Affected: IC
				  27-1-15.6-3; IC
				  27-1-15.7-2
Sec. 13.5.
The form referenced in section 13 of this rule is as
				  follows:
CONTINUING EDUCATION EXEMPTION FORM
FOR RETIRED INSURANCE PRODUCERS
AND SOLICITORS
I, _____________________, do hereby attest that effective
				  __________ I am retired and am no longer an active insurance producer. I will
				  not solicit or service any insurance policy or policyholder. I respectfully
				  request that I be exempt from fulfilling the continuing education requirements
				  as prescribed by IC
				  27-1-15.7-2.
If my current situation changes and I plan to solicit or
				  service insurance policies or policyholders, I will immediately notify the
				  Indiana Department of Insurance of my change in status. I understand that the
				  Department will rescind any continuing education exemption, and I will
				  thereafter be responsible for all continuing education requirements as
				  prescribed in IC
				  27-1-15.7-2.
I further understand that if I fail to notify the Department
				  of Insurance of any change in my retirement status and I engage in the business
				  of insurance, including soliciting or servicing an insurance policy, I will be
				  subject to administrative sanctions.
___________ _________________
Date Signature
___________ _________________
License number Address
___________ _________________
License expiration date City/State Zip
Subscribed and sworn to before me this _________ day of
				  ___________, ____
___________________
Notary Public
My commission expires: _______________
County of residence: __________________
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 51 - Procedures for Reinsurance Intermediaries › Section 51-1 - Authority

Current through July 10, 2024
Authority: IC
				  27-6-9-26
Affected: IC
				  27-6-9-26
Sec. 1.
This rule is adopted and promulgated by the department of
				  insurance under IC
				  27-6-9-26.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 51 - Procedures for Reinsurance Intermediaries › Section 51-2 - Definitions

Current through July 10, 2024
Authority: IC
				  27-6-9-26
Affected: IC 27-6-9
Sec. 2.
(a) The
				definitions as set forth in IC 27-6-9 shall apply for purposes of this rule, in
				addition to the definition in this section.
(b) As used in this rule, "annual reinsurance
				premium" means all reinsurance premiums managed by a reinsurance intermediary
				regardless of where the risks are located.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 51 - Procedures for Reinsurance Intermediaries › Section 51-4 - Fidelity bond requirement

Current through July 10, 2024
Authority: IC
				  27-6-9-26
Affected: IC
				  27-6-9-14
Sec. 4.
(a) All
				reinsurance intermediary-managers shall acquire and maintain a fidelity bond
				for the protection of the reinsurer contracting with the reinsurance
				intermediary-manager.
(b) The bond
				shall be in an amount equal to five hundred thousand dollars ($500,000) or ten
				percent (10%) of the annual reinsurance premium managed by the reinsurance
				intermediary-manager, whichever is greater, except that mandatory bond limits
				under this subsection shall not exceed ten million dollars
				($10,000,000).
(c) The bond amount
				shall be adjusted accordingly on or before the license renewal of the
				reinsurance intermediary-manager each year.
(d) A copy of the executed bond shall be
				filed with the commissioner of the department of insurance at the time the
				initial license application is filed.
(e) The insurer shall provide the department
				with appropriate documentation to show that the bond continues in force or that
				a new bond has been secured at each renewal.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 51 - Procedures for Reinsurance Intermediaries › Section 51-5 - Errors and omissions policy requirement

Current through July 10, 2024
Authority: IC
				  27-6-9-26
Affected: IC
				  27-6-9-14
Sec. 5.
(a) All
				reinsurance intermediary-managers shall acquire and maintain an errors and
				omissions insurance policy with limits equal to those specified in subsection
				(b).
(b) The policy coverage limits
				shall be two hundred fifty thousand dollars ($250,000) or twenty-five percent
				(25%) of the annual reinsurance premium managed by the reinsurance
				intermediary-manager, whichever is greater, except that mandatory policy limits
				under this subsection shall not exceed ten million dollars
				($10,000,000).
(c) The policy
				limits shall be adjusted accordingly on or before the license renewal of the
				reinsurance intermediary-manager each year.
(d) Proof of such insurance shall be filed
				with the commissioner of the department of insurance at the time of the initial
				license application.
(e) The
				insurer shall provide the department of insurance with appropriate
				documentation to show that the errors and omissions policy remains in force or
				that a new policy has been secured at each renewal.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 51 - Procedures for Reinsurance Intermediaries › Section 51-6 - Compilation and review

Current through July 10, 2024
Authority: IC
				  27-6-9-26
Affected: IC 27-6-9
Sec. 6.
(a) The
				reinsurance intermediary-manager shall contract with a certified public
				accountant for an annual compilation and review. The compilation shall include
				the following:
(1) A report by an independent
				certified public accountant.
(2) A
				balance sheet.
(3) A statement of
				income.
(4) A statement of cash
				flows.
(5) A statement of income
				and retained earnings.
(6)
				Verification by management, under oath, of the amount of reinsurance premiums
				written for the previous calendar year.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 51 - Procedures for Reinsurance Intermediaries › Section 51-7 - Separability

Current through July 10, 2024
Authority: IC
				  27-6-9-26
Affected: IC 27-6-9
Sec. 7.
If any provision of this rule or the application thereof to
				  any person or circumstances is for any reason held to be invalid, the remainder
				  of the rule and the application of such provision to other persons or
				  circumstances shall not be affected thereby.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 52 - Managing General Agents; Procedures › Section 52-1 - Authority

Current through July 10, 2024
Authority: IC
				  27-1-33-11
Affected: IC
				  27-1-33-11
Sec. 1.
This rule is adopted and promulgated by the department of
				  insurance under IC
				  27-1-33-11.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 52 - Managing General Agents; Procedures › Section 52-2 - Definitions

Current through July 10, 2024
Authority: IC
				  27-1-33-11
Affected: IC
				  27-1-33-4
Sec. 2.
(a) The
				definitions contained in IC 27-1-33, in addition to the definitions in this
				section, shall apply for purposes of this rule.
(b) A person, firm, association, or
				corporation shall qualify as a managing general agent under IC
				27-1-33-4(a)(4)(A)
				 only if the person, firm, association, or
				corporation, in addition to other criteria set forth in IC
				27-1-33-4,
				has the authority to adjust or pay claims in an amount equal to or exceeding
				fifteen thousand dollars ($15,000) per claim.
(c) As used in this rule, "gross direct
				written premium" means all direct premiums written by a managing general agent
				regardless of where the risks are located.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 52 - Managing General Agents; Procedures › Section 52-4 - Fidelity bond requirement

Current through July 10, 2024
Authority: IC
				  27-1-33-11
Affected: IC
				  27-1-33-6
Sec. 4.
(a) Every
				registered managing general agent shall acquire and maintain a fidelity bond
				for the protection of the insurer contracting with the managing general
				agent.
(b) The bond shall be in an
				amount equal to ten percent (10%) of the gross direct written premium that is
				attributable to the managing general agent, except that the bond shall be no
				less than one hundred thousand dollars ($100,000) and no more than five hundred
				thousand dollars ($500,000).
(c)
				The bond amount shall be adjusted accordingly on or before July 1 of each
				year.
(d) A copy of the executed
				bond shall be filed with the commissioner of the department of insurance by the
				insurer on behalf of the managing general agent at the time of the initial
				registration of the managing general agent.
(e) The insurer shall provide the department
				of insurance with appropriate documentation to show that the bond continues in
				force or that a new bond has been secured at each renewal.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 52 - Managing General Agents; Procedures › Section 52-5 - Errors and omissions policy requirement

Current through July 10, 2024
Authority: IC
				  27-1-33-11
Affected: IC
				  27-1-33-6
Sec. 5.
(a) All
				registered managing general agents shall acquire and maintain an errors and
				omissions insurance policy with limits equal to those specified in subsection
				(b).
(b) The policy coverage limits
				shall be two hundred fifty thousand dollars ($250,000) or twenty-five percent
				(25%) of the gross direct written premium that is attributable to the managing
				general agent, whichever is greater, except that the policy limit shall not
				exceed ten million dollars ($10,000,000).
(c) The policy coverage limits shall be
				adjusted accordingly on or before July 1 of each year.
(d) Proof of insurance shall be filed with
				the commissioner of the department of insurance by the insurer on behalf of the
				managing general agent at the time of the initial registration of the managing
				general agent.
(e) The insurer
				shall provide the department of insurance with appropriate documentation to
				show that the errors and omissions policy remains in force or that a new policy
				has been secured at each renewal.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 52 - Managing General Agents; Procedures › Section 52-6 - Annual compilation

Current through July 10, 2024
Authority: IC
				  27-1-33-11
Affected: IC
				  27-1-33-8;
				  IC
				  27-1-33-9
Sec. 6.
(a) The
				insurer shall contract with a certified public accountant for an annual
				compilation of each managing general agent with which it contracts. The
				compilation shall include the following:
(1) A
				report by an independent certified public accountant.
(2) A balance sheet.
(3) A statement of income.
(4) A statement of cash flows.
(5) A statement of income and retained
				earnings.
(6) Verification by the
				management of the insurer, under oath, of the amount of gross direct written
				premium for the previous calendar year.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 52 - Managing General Agents; Procedures › Section 52-7 - Separability

Current through July 10, 2024
Authority: IC
				  27-1-33-11
Affected: IC 27-1-33
Sec. 7.
If any provision of this rule or the application thereof to
				  any person or circumstance is for any reason held to be invalid, the remainder
				  of the rule and the application of such provision to other persons or
				  circumstances shall not be affected thereby.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 53 - Standards for Companies Deemed to be in Hazardous Financial Condition › Section 53-1.1 - Definitions

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-1-1
Sec. 1.1.
The following definitions apply throughout this rule:
(1) "Commissioner" means the commissioner of
				the department of insurance.
(2)
				"NAIC" means the National Association of Insurance Commissioners.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 53 - Standards for Companies Deemed to be in Hazardous Financial Condition › Section 53-2 - Purpose

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-1-1
Sec. 2.
(a) This rule
				sets forth standards that may be used by the commissioner to identify and to
				correct insurers found to be in such condition as to render the continuance of
				their business hazardous to the public or to holders of their policies or
				certificates of insurance.
(b) This
				rule shall not be interpreted to limit the powers granted to the commissioner
				by any laws or parts of laws of this state, nor shall this rule be interpreted
				to supersede any laws or parts of laws of this state.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 53 - Standards for Companies Deemed to be in Hazardous Financial Condition › Section 53-3 - Standards

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-1-1
Sec. 3.
The following standards, either singly or a combination of
				  two (2) or more, may be considered by the commissioner to determine whether the
				  continued operation of any insurer transacting insurance business in this state
				  might be deemed to be hazardous to the policyholders, creditors, or general
				  public. The commissioner may consider the following:
(1) Adverse findings reported in financial
				condition and market conduct examination reports, audit reports, and actuarial
				opinions, reports, or summaries.
(2) The NAIC Insurance Regulatory Information
				System and its other financial analysis solvency tools and reports.
(3) Whether the insurer has made adequate
				provision, according to presently accepted actuarial standards of practice, for
				the anticipated cash flows required by the contractual obligations and related
				expenses of the insurer, when considered in light of the assets held by the
				insurer with respect to such reserves and related actuarial items including,
				but not limited to, the investment earnings on such assets, and the
				considerations anticipated to be received and retained under such policies and
				contracts.
(4) The ability of an
				assuming reinsurer to perform and whether the insurer's reinsurance program
				provides sufficient protection for the insurer's remaining surplus after taking
				into account the insurer's cash flow and the classes of business written as
				well as the financial condition of the assuming reinsurers.
(5) Whether the insurer's operating loss in
				the last twelve (12) month period or any shorter period of time, including, but
				not limited to:
(A) net capital gain or
				loss;
(B) change in nonadmitted
				assets; and
(C) cash dividends paid
				to shareholders;
is greater than fifty percent (50%) of the insurer's
				  remaining surplus as regards policyholders in excess of the minimum
				  required.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 53 - Standards for Companies Deemed to be in Hazardous Financial Condition › Section 53-4 - Authority of the commissioner

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-1-1
Sec. 4.
For the purpose of making a determination of an insurer's
				  financial condition under this rule, the commissioner may:
(1) disregard any credit or amount receivable
				resulting from transactions with a reinsurer that is insolvent, impaired, or
				otherwise subject to a delinquency proceeding;
(2) make appropriate adjustments including
				disallowance to asset values attributable to investments in or transactions
				with parents, subsidiaries, or affiliates consistent with:
(A) the NAIC Accounting Practices and
				Procedures Manual;
(B) state laws;
				and
(C) state rules;