reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 13 - Solicitation and Sale of Specialty and Other Life Insurance and Annuities › Section 13-1 - Authority to promulgate rule; purpose of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 4-22-2; IC 27-4-1-4
Sec. 1.
Authority and Purpose of Regulation. The following rules
[ 760 IAC 1-13 ]
are promulgated pursuant to the rule making
				  authority provided in Indiana Insurance Law of 1935, Acts 1935, Chapter 162,
				  Section 14
[IC
				  27-1-3-7
				  ]
, Page 588, Section 39-3311
[IC 27-1-3-7]
, Burns
				  Indiana Statutes Annotated, and to implement the provisions of the "Unfair
				  Competition and Practice Act," being Acts of 1947, Chapter 112
[IC
				  27-4-1]
, Page 328, as amended in the Acts of 1955, Chapter 10, Section
				  1
[IC 27-4-1-4]
, Page 8, being Section 39-5304
[IC
				  27-4-1-4]
of Burns Indiana Statutes Annotated. The procedure followed
				  in adopting these rules is that prescribed in the uniform method of
				  promulgating rules by agencies of the State of Indiana, being Acts of 1945,
				  Chapter 120
[IC 4-22-2 ]
, Page 250, and being Section 60-1501
				  through 60-1511
[IC 4-22-2 ]
of Burns Indiana Statutes
				  Annotated. The purpose of these rules is to identify, clarify and prohibit
				  certain acts and practices which are considered to be unsound methods of
				  transacting the life insurance business in Indiana or unfair and deceptive acts
				  and practices in the transaction of the business of life insurance in Indiana
				  as provided by law and to establish certain requirements in the solicitation
				  and sale of life insurance in Indiana to the end that policyholders and the
				  insurance buying public shall not be misinformed or misled concerning contracts
				  of life insurance or annuities purchased by them.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 13 - Solicitation and Sale of Specialty and Other Life Insurance and Annuities › Section 13-2 - Misleading phrases prohibited in life insurance and annuity policies

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-4-1-4
Sec. 2.
No insurance company, insurance agent or insurance company
				  representative shall deliver within this state, or issue for delivery within
				  this state, any life insurance policy or contract of annuity in which are used
				  such words as "investment plan," "expansion plan," "profit-sharing," "charter
				  plan," "founders plan," "surplus-sharing," or similar language in such context
				  or under such circumstances or conditions as to have the capacity or tendency
				  to mislead a purchaser or prospective purchaser of life insurance to believe
				  that he will receive or that it is probable he will receive something other
				  than an insurance policy, or contract, or some benefit not provided in the
				  policy or contract or some benefit not available to other persons of the same
				  class and equal expectation of life.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 13 - Solicitation and Sale of Specialty and Other Life Insurance and Annuities › Section 13-3 - Distinction between surrender values and other benefits; separate premium statements

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-4-1-4
Sec. 3.
No insurance company, insurance agent or insurance company
				  representative shall deliver within this state, or issue for delivery within
				  this state, a policy of life insurance containing benefits in the form of
				  "coupons" or "guaranteed annual endowment" benefits unless the premium charged
				  for the insurance coverage and the premium charged for the "coupons" or
				  "guaranteed annual endowment" benefits are prominently specified in the policy
				  separately from each other in dollar amounts. This Rule 2
[this
				  section]
shall not apply to any policy in which the amount of any pure
				  endowment or periodic benefit or benefits payable during any policy year is
				  greater than the total annual premium for such year.
In connection therewith, the policy must provide for a
				  distinction between the surrender values available under the insurance coverage
				  as distinct from the "coupon" or "guaranteed annual endowment" benefits. This
				  is to be accomplished by the use of a separate "table of values" in the policy.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 13 - Solicitation and Sale of Specialty and Other Life Insurance and Annuities › Section 13-6 - Violations; penalties; enforcement

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-3-7;
				  IC 27-4-1
Sec. 6.
Any violation of any of the provisions of this Regulation
				  shall be deemed to be a violation of the Insurance Laws of this State when
				  occurring in the advertising, promotion, solicitation, negotiation of or
				  effecting the sale of life insurance and shall subject any person, firm or
				  corporation so violating any provision of said Regulation to all the penalties
				  provided by law. This conduct shall include any device or presentation, whether
				  involving language or illustrations disseminated by means of sales kits, policy
				  jackets or covers or forms, letters, personal presentations, visual aids or
				  other media. The listing of such specific acts is not intended to imply that
				  other acts not described, but otherwise unlawful, will be condoned. The
				  procedure for enforcement of this Regulation shall be that prescribed in the
				  "Unfair Competition and Practice Act" being Acts 1947, Chapter 112
[IC
				  27-4-1 ]
, Page 328, as amended. In addition thereto, any Life
				  Insurance Agent or Life Insurance Broker violating any provision of this
				  Regulation shall be deemed to be in violation of the Insurance Laws of this
				  State and subject to the provisions and the proceedings for revocation or
				  suspension of license as provided in Acts 1945, Chapter 162, Page 588, being
				  Section 225
[sic., Refers to Acts 1935, Chapter 162, section 222.
				  Codified as IC 27-1-16-5. Repealed by P.L. 280-1977, SECTION 3. See, IC
				  27-1-15.5 concerning the licensure of insurance agents.]
of the Indiana
				  Insurance Law. (Sec. 39-4601 et seq.
[IC 27-1-16 ]
Indiana
				  Statutes.)
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 13 - Solicitation and Sale of Specialty and Other Life Insurance and Annuities › Section 13-7 - Effective date of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-3-7
Sec. 7.
This Regulation
[ 760 IAC 1-13 ]
shall become
				  effective on May 1st, 1966. The Insurance Commissioner in his discretion may
				  permit the continued use for a reasonable time of policy forms or related
				  materials now in use and heretofore filed with the Insurance Department, even
				  though the same may not conform to the requirements of this
				  Regulation.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 13 - Solicitation and Sale of Specialty and Other Life Insurance and Annuities › Section 13-8 - Severability of provisions of rule

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-3-7
Sec. 8.
If any provision of this Regulation or the application
				  thereof to any person or circumstances is held invalid, the invalidity shall
				  not affect other provisions or applications of the Regulation which can be
				  given effect without the invalid provision or application, and to this end the
				  provisions of this Regulation are severable.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-1 - Authority; purpose

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-7
Sec. 1.
This rule is promulgated pursuant to the authority granted by
				  IC 27-1-23 concerning the regulation of insurance holding company systems. The
				  purposes of this rule are to set forth rules and procedural requirements which
				  the commissioner deems necessary to carry out the provisions of IC 27-1-23. The
				  information called for by this rule is hereby declared to be necessary and
				  appropriate in the public interest and for the protection of policyholders.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-2 - Definitions

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-2; IC
				  27-1-23-1
Sec. 2.
(a) The
				definitions in IC 27-1-23 and the following definitions apply throughout this
				rule:
(1) "Executive officer" means the
				following:
(A) Chief executive
				officer.
(B) Chief operating
				officer.
(C) Chief financial
				officer.
(D) Treasurer.
(E) Secretary.
(F) Controller.
(G) Any other individual performing functions
				corresponding to those performed by the officers listed in clauses (A) through
				(F) under whatever title.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-3 - Forms; general requirements

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-23
Sec. 3.
(a) A person
				required to file or amend a statement regarding a proposed acquisition of
				control under IC
				27-1-23-2
				shall furnish the required information on Form A as provided in section 4 of
				this rule.
(b) An insurer required
				to file or amend a registration statement under IC
				27-1-23-3
				shall furnish the required information on Form B as provided in section 5 of
				this rule.
(c) An insurer required
				to file an annual registration statement under IC
				27-1-23-3
				is also required to furnish the information required on Form C as provided in
				section 6 of this rule and shall file a Form C with the commissioner.
(d) An insurer required to give notice of a
				proposed transaction under IC
				27-1-23-4
				shall furnish the required information on Form D as provided in section 7 of
				this rule.
(e) If:
(1) a domestic insurer, including any person
				controlling a domestic insurer, is proposing a merger or acquisition under IC
				27-1-23-2.5;
				or
(2) a nondomiciliary insurer
				licensed to do business in this state is proposing a merger or acquisition;
				that person shall file a preacquisition notification form, Form E. No
				preacquisition notification form need be filed if the acquisition is beyond the
				scope of IC
				27-1-23-2.5(c).
				In addition to the information required by Form E, the commissioner may require
				an expert opinion as to the competitive impact of the proposed
				acquisition.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-3.5 - Transactions subject to prior notice; notice filing

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-4;
				  IC 27-9
Sec. 3.5.
(a) An
				insurer required to give notice of a proposed transaction in accordance with IC
				27-1-23-4
				shall furnish the required information on Form D.
(b) Agreements for cost sharing services and
				management services shall at a minimum and as applicable:
(1) Identify the person providing services
				and the nature of the services.
(2)
				Set forth the methods to allocate costs.
(3) Require timely settlement, not less
				frequently than on a quarterly basis, and compliance with the requirements in
				the Accounting Practices and Procedures Manual.
(4) Prohibit advancement of funds by the
				insurer to the affiliate except to pay for services defined in the
				agreement.
(5) State that the
				insurer will:
(A) maintain oversight for
				functions provided to the insurer by the affiliate; and
(B) monitor services annually for quality
				assurance.
(6) Define
				books and records of the insurer to include all books and records developed or
				maintained under or related to the agreement.
(7) Specify that all books and records of the
				insurer are and remain the property of the insurer and are subject to control
				of the insurer.
(8) State that all
				funds and invested assets of the insurer are:
(A) the exclusive property of the
				insurer;
(B) held for the benefit
				of the insurer; and
(C) subject to
				the control of the insurer.
(9) Include standards for termination of the
				agreement with and without cause.
(10) Include provisions for indemnification
				of the insurer in the event of gross negligence or willful misconduct on the
				part of the affiliate providing the services.
(11) Specify that, if the insurer is placed
				in receivership or seized by the commissioner under IC 27-9:
(A) all of the rights of the insurer under
				the agreement extend to the receiver or commissioner; and
(B) all books and records:
(i) will immediately be made available to the
				receiver or the commissioner; and
(ii) shall be turned over to the receiver or
				commissioner immediately upon the receiver or the commissioner's
				request.
(12)
				Specify that the affiliate has no automatic right to terminate the agreement if
				the insurer is placed in receivership.
(13) Specify that the affiliate will:
(A) continue to maintain any systems,
				programs, or other infrastructure notwithstanding a seizure by the commissioner
				under the State Receivership Act; and
(B) make them available to the receiver, for
				so long as the affiliate continues to receive timely payment for services
				rendered.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-4 - Form A

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-2;
				  IC 27-1-23-23
Sec. 4.
Form A, concerning proposed acquisition of control, shall be
				  as follows:
FORM A
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Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-5 - Form B

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-3
Sec. 5.
Form B, concerning an insurance holding company system
				  registration statement, shall be as follows:
FORM B
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Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-6 - Form C

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-3
Sec. 6.
Form C, concerning summary of registration statement, shall
				  be as follows:
FORM C
SUMMARY OF REGISTRATION STATEMENT
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Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-7 - Form D

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-4
Sec. 7.
Form D, concerning prior notice of a transaction, shall be as
				  follows:
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Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-7.1 - Form E

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-2.5
Sec. 7.1.
Form E, concerning preacquisition notification forms
				  regarding the potential competitive impact of a proposed merger or acquisition
				  by a nondomiciliary insurer doing business in this state or by a domestic
				  insurer, shall be as follows:
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Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-7.2 - Form F

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-1;
				  IC
				  27-1-23-3
Sec. 7.2.
Form F, concerning enterprise risk report, shall be as
				  follows:
FORM F
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Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-8 - Forms; omissions

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-23
Sec. 8.
(a) Where
				two (2) or more documents required to be filed as exhibits are substantially
				identical in all material respects except as to the parties thereto, the date
				of execution, or other details, a copy of only one (1) of such documents need
				by filed together with a schedule identifying the omitted documents and setting
				forth the material details in which such documents differ from the copy
				filed.
(b) Information required
				need be given only insofar as it is known or reasonably available to the person
				filing the statement. If any required information is unknown and not reasonably
				available to the person filing, either because the obtaining thereof would
				involve unreasonable effort or expense or because it rests peculiarly within
				the knowledge of another person not affiliated with the person filing, the
				information may be omitted, subject to the following conditions:
(1) The person filing shall give such
				information on the subject as it possesses or can acquire without unreasonable
				effort or expense, together with the sources thereof.
(2) The person filing shall include a
				statement either showing that unreasonable effort or expense would be involved
				or indicating the absence of any affiliation with the person within whose
				knowledge the information rests and stating the result of a request made to
				such person for the information.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-9 - Forms; extensions of time to file

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-23
Sec. 9.
If it is impractical to furnish any required information,
				  document, or report at the time it is required to be filed, there may be filed
				  with the commissioner as a separate document an application:
(1) identifying the information, document, or
				report in question;
(2) stating why
				the filing thereof at the time required is impractical; and
(3) requesting an extension of time for
				filing the information, document, or report to a specified date.
The application shall be deemed granted unless the
				  commissioner within thirty (30) days after receipt thereof shall deny the
				  application.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-10 - Forms; amendments

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC 27-1-23
Sec. 10.
The applicant shall promptly advise the commissioner of any
				  material changes in the information furnished on Form A, Form B, Form C, Form
				  D, Form E, or Form F arising subsequent to the date upon which the information
				  was furnished but prior to the commissioner's disposition of the application or
				  filing. Any amendment to a form filed under this rule shall:
(1) include on the top of the cover page a
				phrase, "Amendment No. _____ to"; and
(2) indicate the date of the amendment and
				not the date of the original filing.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-11 - Alternate and consolidated registrations

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-3
Sec. 11.
(a) Any
				authorized insurer may file a registration statement on behalf of any
				affiliated insurer or insurers which are required to register under IC
				27-1-23-3.
				A registration statement may include information regarding any insurer in the
				insurance holding company system even if such insurer is not authorized to do
				business in this state. In lieu of filing a registration statement on Form B,
				the authorized insurer may file a copy of the registration statement or similar
				report which it is required to file in its state of domicile, provided:
(1) the statement or report contains
				substantially similar information required to be furnished on Form B;
				and
(2) the filing insurer is the
				principal insurance company in the insurance holding company system.
The question of whether the filing insurer is the principal
				  insurance company in the insurance holding company system is a question of
				  fact, and an insurer filing a registration statement or report in lieu of Form
				  B on behalf of an affiliated insurer shall set forth a simple statement of
				  facts which will substantiate the filing insurer's claim that it, in fact, is
				  the principal insurer in the insurance holding company system.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-12 - Standards

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-4
Sec. 12.
(a)
				Requests by domestic insurers for approval of extraordinary dividends or any
				other extraordinary distribution to security holders shall include the
				following:
(1) The:
(A) date established for payment of the
				dividend; and
(B) amount of the
				proposed dividend.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-13 - Disclaimers and termination of registration

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-3
Sec. 13.
(a) A
				disclaimer of affiliation or a request for termination of registration claiming
				that a person does not, or will not upon the taking of some proposed action,
				control another person (hereinafter referred to as the "subject") shall contain
				the following information:
(1) The number of
				authorized, issued, and outstanding voting securities of the subject.
(2) With respect to the person whose control
				is denied and all affiliates of the person, the number and percentage of shares
				of the subject's voting securities that are held of record or known to be
				beneficially owned, and the number of shares concerning which there is a right
				to acquire, directly or indirectly.
(3) All material relationships and bases for
				affiliation between the subject and the person whose control is denied and all
				affiliates of the person.
(4) A
				statement explaining why the person should not be considered to control the
				subject.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-14 - Incorporation of answers by reference

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-2;
				  IC
				  27-1-23-3
Sec. 14.
(a) Items
				on Form A, Form B, Form C, Form D, Form E, and Form F may be answered by
				reference to answers to other items on the same form.
(b) Items on Form A, Form B, Form C, Form D,
				Form E, and Form F may be answered by reference to documents attached to such
				forms as exhibits, including, but not limited to, financial statements, annual
				reports, proxy statements, or any other written information. Where excerpts of
				documents have been attached as exhibits, the commissioner may require at any
				time that the complete documents be filed. Where an item requires a summary or
				outline of the provisions of any document, only a brief statement shall be made
				as to the pertinent provisions of the document.
(c) References to answers or attached
				exhibits shall:
(1) clearly identify the
				information to be incorporated; and
(2) specifically state that the information
				is to be incorporated by reference.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-15 - Additional information and exhibits

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-2;
				  IC
				  27-1-23-3
Sec. 15.
In addition to the information expressly required to be
				  included in Form A, Form B, Form C, Form D, Form E, and Form F, the
				  commissioner may request such further material information, if any, as may be
				  necessary to make the information contained therein not misleading. The person
				  filing may also file such exhibits as it may desire in addition to those
				  expressly required by the form. Such exhibits shall be so marked as to indicate
				  clearly the subject matters to which they refer. Changes to Form A, B, C, D, E,
				  or F shall include on the top of the cover page the phrase: "Change No. [insert
				  number] to" and shall indicate the date of the change and not the date of the
				  original filing.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 15.1 - Insurance Holding Company Systems › Section 15.1-16 - Severability

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-23-13
Sec. 16.
If any provision of this rule, or the application thereof to
				  any person or circumstance, is held invalid, such invalidity shall not affect
				  other provisions or applications of this rule which can be given effect without
				  the invalid provision or application, and to that end the provisions of this
				  rule are severable.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-1 - Purpose of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 1.
The purpose of 760 IAC 1-16.1 is:
(A) To regulate the activities of insurers
				and agents with respect to the replacement of all forms of existing life
				insurance, including annuities, except as specifically exempted by
				760 IAC
				1-16.1-4.
(B) To protect the interests of life
				insurance policyowners by establishing minimum standards of conduct to be
				observed in the replacement or proposed replacement of existing life
				insurance.
(C) To establish
				penalties for failure to comply with the requirements of 760 IAC
				1-16.1.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-2 - Replacement defined

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-4-1-8
Sec. 2.
"Replacement" means any transaction in which new life
				  insurance is to be purchased, and it is known or should be known to the
				  proposing agent, or to the proposing insurer if there is no agent, that by
				  reason of such transaction, existing life insurance has been or is to
				  be:
(A) Lapsed, forfeited,
				surrendered, or otherwise terminated;
(B) Converted to reduced paid-up insurance,
				continued as extended term insurance, or otherwise reduced in value by the use
				of nonforfeiture benefits or other policy values;
(C) Amended so as to effect either a
				reduction in benefits or in the term for which coverage would otherwise remain
				in force or for which benefits would be paid;
(D) Reissued with any reduction in cash
				value; or
(E) Pledged as collateral
				or subjected to borrowing or withdrawal, whether in a single loan or under a
				schedule of borrowing or withdrawal over a period of time for amounts in the
				aggregate exceeding twenty-five percent (25%) of the cash or loan value set
				forth in the policy.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-3 - Definitions

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 3.
(A)
				"Conservation" means any attempt by the existing insurer or its agent to
				continue existing life insurance in force when the existing insurer has
				received a copy of the "Important Notice Regarding Replacement of Life
				Insurance" as required by
				760 IAC 1-16.1-6(C)(3)
				 from a replacing insurer. A conservation
				effort does not include such routine administrative procedures like late
				payment reminders, late payment offers or reinstatement offers.
(B) "Direct-Response Sales" means any sale of
				life insurance where the insurer does not utilize an agent in the sale or
				delivery of the policy.
(C)
				"Existing Insurer" means the insurance company whose policy is or will be
				changed or terminated in such a manner as described within the definition of
				"replacement".
(D) "Life Insurance"
				means all forms of life insurance, including annuities, except as exempted
				under
				760 IAC
				1-16.1-4.
(1)
				"Existing Life Insurance" means life insurance, as herein defined, that is in
				force, and includes life insurance under a binding or conditional receipt or a
				life insurance policy that is within an unconditional refund period.
(2) "Proposed Life Insurance" means life
				insurance, as herein defined, which is intended as a replacement for existing
				life insurance.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-4 - Exemptions from rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 4.
Unless otherwise specifically included, 760 IAC 1-16.1 shall
				  not apply to the replacement or proposed replacement of:
(A) Individual and group credit life
				insurance;
(B) Group life
				insurance, and life insurance policies issued in connection with a pension,
				profit-sharing or other benefit plan qualifying for tax deductibility of
				premiums, provided, however, that as to any plan described in this subsection,
				full and complete disclosure of all material facts shall be given to the
				administrator of any plan to be replaced;
(C) An existing life insurance policy in
				which a contractual change or conversion privilege is being
				exercised.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-5 - Agent's duties

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 5.
(A) Each
				agent shall submit to the replacing insurer with or as part of each application
				for life insurance:
(1) A statement signed by
				the applicant as to whether or not such insurance will replace existing life
				insurance; and
(2) A signed
				statement as to whether or not the agent knows replacement is or may be
				involved in the transaction.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-6 - Replacing insurer's duties

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 6.
Each replacing insurer shall:
(A) Inform its field representatives of the
				requirements of 760 IAC 1-16.1.
(B)
				Require with or as part of each completed application for life insurance:
(1) A statement signed by the applicant as to
				whether or not such insurance will replace existing life insurance;
				and
(2) A statement signed by the
				agent as to whether or not he or she knows replacement is or may be involved in
				the transaction.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-7 - Direct response sales; insurer's duties

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 7.
Each insurer shall:
(A) Inform its responsible personnel of the
				requirements of 760 IAC 1-16.1.
(B)
				Require with or as part of each completed application for life insurance a
				statement signed by the applicant as to whether or not such insurance will
				replace existing life insurance.
(C) Where a replacement is involved in the
				solicitation of a direct-response sale:
(1)
				Request from the applicant with or as part of the application a list of all
				existing life insurance to be replaced. Such existing life insurance shall be
				identified by name of insurer.
(2)
				If the applicant furnishes the names of the existing insurers, then the
				replacing direct-response insurer shall mail the applicant an "Important Notice
				Regarding Replacement of Life Insurance" in a form substantially as described
				in
				760 IAC
				1-16.1-13.5 within three working days after receipt of
				the application and shall comply with all of the provisions of
				760 IAC 1-16.1-6(C)(2),
				(3), (4), and (5), except that it need not
				maintain a replacement register required by
				760 IAC
				1-16.1-6(C)(4).
(3) If the applicant does not furnish the
				names of the existing insurers, then the replacing direct-response insurer
				shall at the time the policy is mailed to the applicant, include an "Important
				Notice Regarding Replacement of Life Insurance" in a form substantially as
				described in
				760 IAC
				1-16.1-13.5.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-8 - Existing insurer's duties

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 8.
Each existing insurer shall inform its responsible personnel
				  of the requirements of 760 IAC 1-16.1. Each existing insurer, or such insurer's
				  agent, that undertakes a conservation effort shall:
(A) Within twenty days from the date the
				"Important Notice Regarding Replacement of Life Insurance" required by
				760 IAC 1-16.1-6(C)(3)
				 is received, furnish the policyowner with an
				Essential Policy Information Summary as described in
				760 IAC 1-16.1-3(H)
				 for the existing life insurance completed
				from the current policy year. Life Insurance cost index and equivalent level
				annual dividend figures need not be included in the Essential Policy
				Information Summary.
(B) Maintain a
				file containing the following:
(1) Copies of
				the "Important Notice Regarding Replacement of Life Insurance" required by
				760 IAC 1-16.1-6(C)(3)
				 received from replacing insurers;
				and
(2) Copies of Essential Policy
				Information Summaries prepared pursuant to subsection (A) of this section, and
				all Sales Proposals used to conserve the existing life insurance.
This material shall be indexed by the replacing insurer and
				  held for three years or until the conclusion of the next regular examination
				  conducted by the Insurance Department of its domicile, whichever is later.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-9 - Violations; penalties; evidence of scienter

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 9.
(A) Any
				insurer, agent, representative, officer or employee of such insurer failing to
				comply with the requirements of 760 IAC 1-16.1 shall be subject to such
				penalties as may be appropriate under the Insurance Laws of Indiana, IC
				27.
(B)760 IAC 1-16.1 does not
				prohibit the use of additional material which is not in violation of 760 IAC
				1-16.1 or any other Indiana Statute or Regulation.
(C) Policyowners have the right to replace
				existing life insurance after indicating in or as part of the applications for
				life insurance that such is not their intention; however, patterns of such
				action by policyowners who purchase the replacing policies from the same agent
				shall be deemed prima facie evidence of the agent's knowledge that replacement
				was intended in connection with the sale of those policies, and such patterns
				of action shall be deemed prima facie evidence of the agent's knowledge that
				replacement was intended in connection with the sale of those policies, and
				such patterns of action shall be deemed prima facie evidence of the agent's
				intent to violate 760 IAC 1-16.1.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-10 - Severability of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 10.
If any provision of 760 IAC 1-16.1 shall be held invalid,
				  the remainder of 760 IAC 1-16.1 shall not be affected thereby.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-11 - Effective date of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-3-7
Sec. 11.
760 IAC 1-16.1 as amended shall become effective January 1,
				  1983.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-12.5 - Exhibit A; notice regarding replacement

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-4-1-8
Sec. 12.5.
Click here to view
				  Image
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 16.1 - Replacement of Existing Life Insurance Policies › Section 16.1-13.5 - Exhibit B; notice regarding replacement

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 13.5.
EXHIBIT B
IMPORTANT NOTICE REGARDING REPLACEMENT OF LIFE
				  INSURANCE
You are thinking about DISCONTINUING or CHANGING an existing
				  life insurance policy or annuity contract and BUYING a replacement. Your
				  decision could be a good one - or possibly a mistake. Make sure that you
				  understand the facts. You should:
- Make a careful comparison of your existing policy and the
				  proposed policy before you make a final decision.
- Ask the company or agent that sold you your existing policy
				  to provide you with complete information about it.
- Determine what you want your insurance program to
				  do.
- Consider your present health. You may have had a change
				  which could affect your insurability, so make sure to continue your present
				  policy until a new policy is delivered to you and accepted by you.
You have the right, within twenty days after delivery of a
				  replacement policy, to return it to the company and to claim an unconditional
				  refund of all premiums paid on it.
Indiana Department of Insurance Regulation, 760 IAC 1-16.1
				  requires that the company making the replacement notify your existing insurance
				  that you may may be replacing your existing policy.
__________________ __________________
				  _____________________
NAME OF APPLICANT EXISTING COMPANY TYPE OF PROPOSED
				  POLICY
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 18 - Accident and Sickness Insurance-Advertising › Section 18-1 - Statement of principles

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-4
Sec. 1.
Basic Principles of Interpretation. The proper promotion,
				  sale and expansion of accident and sickness insurance are in the public
				  interest, and the Rules
[ 760 IAC 1-18 ]
are to be construed in
				  such a manner as not to restrict, inhibit or retard such promotion, sale and
				  expansion.
In applying the Rules
[ 760 IAC 1-18 ]
it
				  must be recognized that advertising plays an essential part in promoting a
				  broader distribution of accident and sickness insurance. Advertising
				  necessarily seeks to serve this purpose in various ways. Some advertisements
				  are the direct or principal sales inducement and are designed to invite offers
				  to contract. In other advertisements the function is to describe coverage
				  broadly for the purpose of inviting inquiry for further information. Still
				  other advertisements are solely for the purpose of promoting the reader's
				  interest in the concept of accident and sickness insurance or of promoting the
				  insurer sponsoring the advertisement. These differences should be given
				  recognition through interpretation of the Rules
[ 760 IAC 1-18
				  ]
. Further, it should be recognized that exceptions, reductions and
				  limitations have an important role in defining coverage for the purpose of
				  keeping insurance costs within reasonable bounds.
Therefore, when applying the Rules
[ 760 IAC 1-18 ]
to a specific advertisement, it will be necessary to take into
				  consideration the detail, character, purpose, use and entire content of the
				  advertisement.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 18 - Accident and Sickness Insurance-Advertising › Section 18-2 - Interpretation principles; group and individual insurance

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-4
Sec. 2.
Specific Principles of Interpretation. The Rules
[
				  760 IAC 1-18 ]
apply to group as well as individual accident and
				  sickness insurance. Because the two differ widely in many respects, it follows
				  that one interpretation will not always suffice for both. When that is the
				  case, a specific interpretation for group is set forth. Some of the
				  distinctions between individual and group that should be taken into account in
				  applying the Rules
[ 760 IAC 1-18 ]
are:
(1) Frequently the prospective group
				policyholder is thoroughly conversant with insurance or employs competent
				insurance advisors.
(2) Group plans
				are often the result of collective bargaining whereunder the plan must continue
				in existence for a specified period of time even though the insurance carrier
				may be changed.
(3) Many group
				contracts are tailor-made to fit the policyholder's particular situation and
				are the result of extensive negotiations.
(4) Group insurance generally contemplates
				that all or part of the premium is to be paid by the group
				policyholder.
(5) The insurance
				provided by a group plan may be underwritten by several different
				insurers.
(6) Much group insurance
				material is prepared and published after the contract is written.
(7) Some states have statutory forms of group
				coverage.
Not with standing the principles set out above, the
					 interpretations which follow are intended for purposes of guidance only, and
					 are not considered by the Indiana Department of Insurance as being
					 all-inclusive. Where appropriate, a particular set of facts will be governed by
					 recourse to the interpretations of the rules included herein; however, the
					 rules may be interpreted other than as expressed herein in any case where the
					 Department, in its discretion, feels that such treatment is
					 warranted.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 18 - Accident and Sickness Insurance-Advertising › Section 18-3 - Definitions

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-4
Sec. 3.
Section A. DEFINITIONS.
(1) The term "advertisement" for the purpose
				of these regulations
[ 760 IAC 1-18 ]
shall include:
(a) printed and published material and
				descriptive literature of an insurer used in newspapers, magazines, radio, and
				television scripts, billboards and similar displays; and
(b) descriptive literature and sales aids of
				all kinds issued by an insurer for presentation to members of the public,
				including but not limited to circulars, leaflets, booklets, depictions,
				illustrations, and form letters; and
(c) prepared sales talks, presentations and
				material for use by agents and brokers, and representations made by agents and
				brokers in accordance therewith.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 18 - Accident and Sickness Insurance-Advertising › Section 18-4 - Misleading or false statements

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-4-1-4
Sec. 4.
Section B. STANDARDS. ADVERTISEMENTS IN GENERAL.
				  Advertisements shall be truthful and not misleading in fact or in implication.
				  Words or phrases the meaning of which is clear only by implication or by
				  familiarity with insurance terminology shall not be used. Interpretation of
				  Section B 1
The purpose of the first sentence of Section B 1 is twofold.
				  First, it states the general purpose of the Rules
[ 760 IAC 1-18 ]
by prohibiting advertisements which are not only false but which may
				  mislead either in fact or by implication. It does for instance recognize that
				  advertisements may be misleading even though literally true and capable of
				  proof. Secondly, it establishes a broad principle designed to prohibit
				  untruthful and misleading advertisements in addition to those principles
				  covered by specific sections of the Rules
[ 760 IAC 1-18 ]
. To
				  that extent it may be considered a "catch-all" rule.
The second sentence of this section is intended to prohibit
				  the use of incomplete statements and words or phrases which, because of the
				  reader's unfamiliarity with insurance terminology, have the tendency and
				  capacity to mislead or deceive. It places no prohibition on the use of any
				  particular words or phrases but does require that all terminology used in an
				  advertisement, whether it be insurance terminology or otherwise, be
				  sufficiently clear so as to avoid being misleading. In interpreting this
				  particular portion of Section B 1, it must be recognized that insurance
				  terminology is often essential to properly explain the coverage being
				  advertised.
As a general principle, words or phrases which are commonly
				  understood by the public with respect to insurance, for example, such words or
				  phrases as premiums, policies, contracts, reinstatement, lapse, grace period,
				  capital, assets, investments, legal reserve, insurer, insured, policyholders,
				  insurance company and insurance usually need not be further clarified in the
				  context of the advertisement. However, certain words or phrases may, unless
				  adequately clarified in the context of the advertisement, mislead those who are
				  not familiar with insurance terminology.