reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 60 - Physician Specialty Classes › Section 60-5 - Part-time and retired physicians

Current through July 10, 2024
Authority: IC
				  34-18-5-2
Affected: IC
				  25-22.5-1-1.1
Sec. 5.
(a) A
				physician who practices medicine on a part-time basis shall pay a reduced
				surcharge as follows:
(1) A physician who
				practices medicine twelve (12) hours per week or less shall receive a credit
				equal to seventy-five percent (75%) of the surcharge amount.
(2) A physician who practices medicine more
				than twelve (12) hours but less than twenty-five (25) hours per week shall
				receive a credit equal to fifty percent (50%) of the surcharge
				amount.
(3) A physician who
				practices medicine twenty-five (25) to thirty-one (31) hours per week shall
				receive a credit equal to twenty-five percent (25%) of the surcharge
				amount.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 60 - Physician Specialty Classes › Section 60-6 - Multiple policies

Current through July 10, 2024
Authority: IC 34-18-5-2
Affected: IC 34-18-5-2
Sec. 6.
(a) A
				physician who purchases more than one (1) professional liability insurance
				policy may pay only one (1) full-time surcharge.
(b) A physician shall remit the following
				surcharge to the PCF for the second policy:
(1) If the second policy that is being
				reported for proof of financial responsibility is at a lower classification
				than the first policy, the physician shall remit the minimum surcharge set
				forth in 760 IAC 1-21 to the PCF for the
				second policy.
(2) If the second
				policy that is being reported for proof of financial responsibility is at a
				higher classification than the first policy, the physician shall remit the
				difference between the higher classification surcharge and the lower
				classification surcharge to the PCF for the second policy.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-1 - Purpose and scope

Current through July 10, 2024
Authority: IC
				  27-8-19.8-25; IC
				  27-8-19.8-26
Affected: IC
				  27-8-19.8-17
Sec. 1.
(a) The
				purpose of this rule is to effectuate IC
				27-8-19.8 by establishing minimum
				standards and disclosure requirements to be met by viatical settlement
				providers with respect to:
(1) viatical
				settlement contracts advertised, solicited, negotiated, or executed in Indiana;
				and
(2) licensing requirements for
				viatical settlement providers, brokers, and agents.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-2 - Definitions

Current through July 10, 2024
Authority: IC
				  27-8-19.8-25; IC
				  27-8-19.8-26
Affected: IC
				  27-8-19.8-17; IC
				  27-8-19.8-23
Sec. 2.
In addition to the definitions in IC
				  27-8-19.8, the following
				  definitions apply throughout this rule:
(1) "Affiliate of a specific person" means a
				person who directly, or indirectly through one (1) or more intermediaries:
(A) controls;
(B) is controlled by; or
(C) is under common control with; the person
				specified.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-3 - Licensure and regulation of viatical settlement agents and brokers

Current through July 10, 2024
Authority: IC
				  27-8-19.8-26
Affected: IC
				  27-8-19.8
Sec. 3.
(a) No person
				may act as a viatical settlement agent or a viatical settlement broker unless
				the person:
(1) is licensed as a life
				insurance agent under IC
				27-1-15.5; and
(2) has filed with the commissioner a
				declaration that contains:
(A) a statement the
				person intends to act as a viatical settlement broker or a viatical settlement
				agent in Indiana;
(B) a list of the
				states in which the person is or has ever been licensed to act as, is acting
				as, or has acted as a viatical settlement agent or broker and the current
				status of any such license, including if the license has ever been revoked or
				suspended; and
(C) a report
				describing the nature and status of:
(i) any
				formal or informal disciplinary or other regulatory action by the federal
				government or any level of government in any state; or
(ii) any administrative, civil, or criminal
				action; that is pending or has been taken against the applicant with respect to
				the business of viatical settlements or life insurance.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-5 - Renewal and maintenance of viatical settlement provider license

Current through July 10, 2024
Authority: IC
				  27-8-19.8-26
Affected: IC
				  4-21.5-3; IC
				  27-8-19.8-15
Sec. 5.
(a) A
				viatical settlement provider must apply to the department of insurance for a
				license renewal on or before June 1 of each year, commencing June 1, 2000. A
				renewal application may be obtained from the department of insurance at the
				address listed in section 4(b) of this rule. The renewal application is hereby
				adopted by reference.
(b) A renewal
				fee in the amount of five hundred dollars ($500) must accompany the renewal
				application.
(c) If a complete
				renewal application and the renewal fee are received by the department of
				insurance on or before June 1 of each year, the provider may continue to
				operate under its current license until the renewal is denied or issued by the
				department of insurance.
(d) If a
				complete renewal application and fee are not received on or before June 1, the
				license shall terminate automatically on July 1. A licensee may not act as a
				viatical settlement provider until the department issues the license
				renewal.
(e) If a complete renewal
				application and fee are not received on or before December 31 of the year that
				a license terminates pursuant to subsection (d), a viatical settlement provider
				must submit a new application and application fee pursuant to section 4 of this
				rule for a viatical settlement provider license.
(f) If the commissioner denies a renewal
				application for a license, the commissioner shall notify the applicant and
				advise the applicant in writing of the reasons for the denial of the renewal of
				the license. Not later than sixty (60) days after receiving a notice from the
				commissioner under this subsection, the applicant may make written demand upon
				the commissioner for a hearing to determine the reasonableness of the
				commissioner's action. Such hearing shall be held within thirty (30) days from
				the date of receipt of the written demand of the applicant and shall be
				conducted in accordance with IC
				4-21.5-3.
(g) A viatical settlement provider must renew
				and maintain a license until either of the following events occurs:
(1) The date the viatical settlement provider
				properly assigns, sells, or otherwise transfers to another viatical settlement
				provider licensed in this state any viatical settlement contracts held by the
				provider that have not matured.
(2)
				The date that the last viatical settlement contract has matured.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-6 - Requirements for viatical settlement contracts

Current through July 10, 2024
Authority: IC
				  27-8-19.8-10; IC
				  27-8-19.8-26
Affected: IC
				  27-8-19.8-21; IC
				  27-8-19.8-24.2
Sec. 6.
The following requirements apply to any viatical settlement
				  contract that will be advertised, solicited, negotiated, or executed in
				  Indiana:
(1) The form of contract or
				any amendment to it shall not be used until it is filed with and approved by
				the commissioner.
(2) The contract
				shall require payment in a lump sum equal to the full amount of the proceeds to
				a trust or escrow account in a state or federally chartered financial
				institution whose deposits are insured by the Federal Deposit Insurance
				Corporation. Payment into the escrow account shall be made immediately upon
				receipt of a signed viatical settlement contract. A trustee or escrow agent
				independent of the parties to the viatical settlement contract shall manage the
				account. The proceeds shall be paid to the viator by wire transfer to the
				account of the viator, by certified check, or by cashier's check, in accordance
				with the time periods set forth in IC
				27-8-19.8-24.2(b).
(3) The contract shall contain the following
				rescission provisions:
(A) It shall allow
				unconditional rescission by the viator in accordance with time periods no less
				favorable than those set forth in IC
				27-8-19.8-21(b)(2).
(B) The rescission provision shall be
				prominently displayed on the first page of the contract and shall set forth the
				method for giving notice of rescission. If notice of rescission is given by
				mail, it shall be deemed to be given when deposited in the United States mail,
				first class postage prepaid.
(C) It
				shall provide that if the insured dies during the period of time allowed for
				rescission, the contract will be automatically rescinded, subject to repayment
				of all proceeds to the viatical settlement provider.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-7 - Disclosure forms

Current through July 10, 2024
Authority: IC
				  27-8-19.8-26
Affected: IC
				  27-8-19.8-23; IC
				  27-8-19.8-24.9
Sec. 7.
The following requirements apply to each disclosure form that
				  will be used in connection with a viatical settlement contract that is
				  negotiated or executed in Indiana:
(1)
				The disclosure form shall be provided to the viator prior to the date the
				viator signs the viatical settlement contract.
(2) The disclosures required by IC
				27-8-19.8-23 shall be prominently
				displayed.
(3) The disclosure
				required by IC
				27-8-19.8-23(7) 
				shall specifically address at least the following rights and benefits if
				available under the insurance policy to be viaticated:
(A) Guaranteed insurability
				options.
(B) Accidental death or
				accidental death and dismemberment benefits.
(C) Disability income or loss of income
				protection.
(D) Conversion
				rights.
(E) Waiver of premium
				benefits.
(F) Family, spousal, or
				children's riders or benefits, and any other comparable coverage for a life
				other than the insured's.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-8 - Reporting requirements

Current through July 10, 2024
Authority: IC
				  27-8-19.8-26
Affected: IC
				  27-8-19.8-17
Sec. 8.
On or before March 1 of each calendar year, each viatical
				  settlement provider licensed in Indiana shall make a report of all viatical
				  transactions for the previous calendar year where the viator is a resident of
				  Indiana or was a resident of Indiana at the time the contract was executed and
				  for all states in the aggregate containing the following information:
(1) The following for each viatical
				settlement contract executed or acquired during the reporting period:
(A) Date of viatical settlement
				contract.
(B) Life expectancy of
				the insured at the time of contract, in months.
(C) Face amount of the policy
				viaticated.
(D) Net death benefit
				viaticated.
(E) Estimated total
				premiums to keep the policy in force for life expectancy.
(F) Net amount paid to viator.
(G) Source of policy:
(i) A-agent;
(ii) B-broker;
(iii) D-direct purchase; or
(iv) SM-secondary market.
(H) Type of coverage:
(i) I-individual; or
(ii) G-group.
(I) Within the contestable or suicide period,
				or both, at the time of viatical settlement (yes or no).
(J) Primary International Classification of
				Diseases (ICD) diagnosis code, in numeric format, as defined by the
				international classification of diseases, as most recently published by the
				United States Department of Health and Human Services.
(K) Type of funding:
(i) I-institutional; or
(ii) P-private.
(L) A copy of the pricing memorandum
				described in section 9 of this rule. At the time of submission of the pricing
				memorandum or any subsequent supporting documentation, the viatical settlement
				provider may request the commissioner to withhold that material from public
				inspection in order to preserve trade secrets in accordance with IC
				5-24-3-4
[IC 5-24 was
				repealed by P.L.
				257-2019,
				SECTION
				9, effective July 1, 2019.]
. Each
				page covered by such request shall be clearly marked "confidentiality
				requested", and all pages so marked shall be placed in a separate
				envelope.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-9 - Standards for evaluation of reasonable payments

Current through July 10, 2024
Authority: IC
				  27-8-19.8-25; IC
				  27-8-19.8-26
Affected: IC
				  27-8-19.8-25
Sec. 9.
(a) A
				viatical settlement provider shall not enter into a viatical settlement that
				provides a payment to the viator that is unreasonable or unjust. In determining
				whether a payment is unreasonable or unjust, the commissioner may consider
				relevant factors, including any of the following:
(1) The life expectancy of the
				viator.
(2) The applicable rating
				by a rating service generally recognized in the insurance industry, regulators,
				and consumer groups of the insurance company that issued the viaticated
				policy.
(3) The prevailing discount
				rates in the viatical settlement market in this state, or, if insufficient data
				is available for Indiana, the prevailing rates nationally or in other states
				that maintain this data.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-10 - Miscellaneous

Current through July 10, 2024
Authority: IC
				  27-8-19.8-26
Affected: IC
				  27-8-19.8
Sec. 10.
(a) A
				viatical settlement provider, agent, or broker shall not discriminate:
(1) in the solicitation or making of viatical
				settlements on the basis of race, age, sex, national origin, creed, religion,
				occupation, marital or family status, or sexual orientation; or
(2) between viators with dependents and
				without dependents.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-11 - Insurance company practices

Current through July 10, 2024
Authority: IC
				  27-8-19.8-26
Affected: IC
				  27-8-19.8
Sec. 11.
(a) Life
				insurance companies authorized to do business in Indiana shall respond to a
				request for verification of coverage from a viatical settlement provider,
				agent, or broker within thirty (30) calendar days of the date a request is
				received, subject to the following conditions:
(1) A current authorization consistent with
				applicable law, signed by the policy owner or certificate holder, accompanies
				the request.
(2) In the case of an
				individual policy, submission of a form substantially similar to the
				standardized viatical settlement verification of coverage for individual
				policies set forth in section 12(a) of this rule, which has been completed by
				the viatical settlement provider, broker, or agent.
(3) In the case of group insurance coverage,
				submission of a form substantially similar to the standardized viatical
				settlement verification of coverage for group policies set forth in section
				12(b) of this rule, which has been completed by the following:
(A) The viatical settlement provider, broker,
				or agent.
(B) The group
				policyholder, to the extent the information is available to the
				policyholder.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 61 - Viatical Settlements › Section 61-12 - Insurance coverage verification forms

Current through July 10, 2024
Authority: IC
				  27-8-19.8-26
Affected: IC
				  27-8-19.8
Sec. 12.
(a) The form
				for standardized viatical settlement verification of coverage for individual
				policies is as follows:
Click here to
				  view
Click here to
				  view
Click here to
				  view
Click here to
				  view
Click here to
				  view
Click here to
				  view
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 62 - Life Insurance Illustrations › Section 62-1 - Applicability and scope

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-25;
				  IC
				  27-4-1-4
Sec. 1.
This rule applies to all group and individual life insurance
				  policies and certificates, except any of the following:
(1) Variable life insurance.
(2) Individual and group annuity
				contracts.
(3) Credit life
				insurance.
(4) Life insurance
				policies with no illustrated death benefits on any individual exceeding ten
				thousand dollars ($10,000).
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 62 - Life Insurance Illustrations › Section 62-2 - Definitions

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-25;
				  IC
				  27-4-1-4
Sec. 2.
The following definitions apply throughout this rule:
(1) "Actuarial standards board" means the
				board established by the American Academy of Actuaries to develop and
				promulgate standards of actuarial practice.
(2) "Commissioner" means the commissioner of
				the Indiana department of insurance.
(3) "Contract premium" means the gross
				premium that is required to be paid under a fixed premium policy, including the
				premium for a rider for which benefits are shown in the illustration.
(4) "Currently payable scale" means a scale
				of nonguaranteed elements in effect for a policy form as of the preparation
				date of the illustration or declared to become effective within the next
				ninety-five (95) days.
(5)
				"Disciplined current scale" means a scale of nonguaranteed elements
				constituting a limit on illustrations currently being illustrated by an insurer
				that is reasonably based on actual recent historical experience, as certified
				annually by an illustration actuary designated by the insurer. Further guidance
				in determining the disciplined current scale as contained in standards
				established by the actuarial standards board may be relied upon if the
				standards:
(A) are consistent with all
				provisions of this rule;
(B) limit
				a disciplined current scale to reflect only actions that have already been
				taken or events that have already occurred;
(C) do not permit a disciplined current scale
				to include any projected trends of improvements in experience or any assumed
				improvements in experience beyond the illustration date; and
(D) do not permit assumed expenses to be less
				than minimum assumed expenses.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 62 - Life Insurance Illustrations › Section 62-3 - Policies to be illustrated

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-25;
				  IC
				  27-4-1-4
Sec. 3.
(a) Each
				insurer marketing policies to which this rule is applicable shall notify the
				commissioner whether a policy form is to be marketed with or without an
				illustration. For all policy forms being actively marketed on the effective
				date of this rule, the insurer shall identify in writing those forms and
				whether or not an illustration will be used with them. For policy forms filed
				after the effective date of this rule, the identification shall be made at the
				time of filing. Any previous identification may be changed by notice to the
				commissioner.
(b) If the insurer
				identifies a policy form as one to be marketed without an illustration, any use
				of an illustration for any policy using that form prior to the first policy
				anniversary is prohibited.
(c) If a
				policy form is identified by the insurer as one to be marketed with an
				illustration, a basic illustration prepared and delivered in accordance with
				this rule is required, except that a basic illustration need not be provided to
				individual members of a group or to individuals insured under multiple lives
				coverage issued to a single applicant unless the coverage is marketed to these
				individuals. The illustration furnished an applicant for a group life insurance
				policy or policies issued to a single applicant on multiple lives may be either
				an individual or composite illustration representative of the coverage on the
				lives of members of the group or the multiple lives covered.
(d) Potential enrollees of nonterm group life
				subject to this rule shall be furnished a quotation with the enrollment
				materials. The quotation shall show potential policy values for sample ages and
				policy years on a guaranteed and nonguaranteed basis appropriate to the group
				and the coverage. This quotation shall not be considered an illustration for
				purposes of this rule, but all information provided shall be consistent with
				the illustrated scale. A basic illustration shall be provided at delivery of
				the certificate to enrollees for nonterm group life who enroll for more than
				the minimum premium necessary to provide pure death benefit protection. In
				addition, the insurer shall make a basic illustration available to any nonterm
				group life enrollee who requests it.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 62 - Life Insurance Illustrations › Section 62-4 - General rules and prohibitions

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-25;
				  IC
				  27-4-1-4
Sec. 4.
(a) An
				illustration used in the sale of a life insurance policy shall satisfy the
				applicable requirements of this rule, be clearly labeled "life insurance
				illustration", and contain the following basic information:
(1) Name of insurer.
(2) Name and business address of producer or
				insurer's authorized representative, if any.
(3) Name, age, and sex of proposed insured,
				except where a composite illustration is permitted under this rule.
(4) Underwriting or rating classification
				upon which the illustration is based.
(5) Generic name of policy, the company
				product name, if different, and form number.
(6) Initial death benefit.
(7) Dividend option election or application
				of nonguaranteed elements, if applicable.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 62 - Life Insurance Illustrations › Section 62-6 - Supplemental illustrations

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-25;
				  IC
				  27-4-1-4
Sec. 6.
(a) A
				supplemental illustration may be provided so long as the following requirements
				are met:
(1) It is appended to, accompanied
				by, or preceded by a basic illustration that complies with this rule.
(2) The nonguaranteed elements shown are not
				more favorable to the policy owner than the corresponding elements based on the
				scale used in the basic illustration.
(3) It contains the same statement required
				of a basic illustration that nonguaranteed elements are not
				guaranteed.
(4) For a policy that
				has a contract premium, the contract premium underlying the supplemental
				illustration is equal to the contract premium shown in the basic illustration.
				For policies that do not require a contract premium, the premium outlay
				underlying the supplemental illustration shall be equal to the premium outlay
				shown in the basic illustration.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 62 - Life Insurance Illustrations › Section 62-7 - Delivery of illustration and record retention

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-25;
				  IC
				  27-4-1-4
Sec. 7.
(a) If a
				basic illustration is used by an insurance producer or other authorized
				representative of the insurer in the sale of a life insurance policy and the
				policy is applied for as illustrated, a copy of that illustration, signed in
				accordance with this rule, shall be submitted to the insurer at the time of
				policy application. A copy also shall be provided to the applicant. If the
				policy is issued other than as applied for, a revised basic illustration
				conforming to the policy as issued shall be sent with the policy. The revised
				illustration shall:
(1) conform to the
				requirements of this rule;
(2) be
				labeled "Revised Illustration"; and
(3) be signed and dated by the applicant or
				policy owner and producer or other authorized representative of the insurer; no
				later than the time the policy is delivered. A copy shall be provided to the
				insurer and the policy owner.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 62 - Life Insurance Illustrations › Section 62-8 - Annual report; notice to policy owners

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-25;
				  IC
				  27-4-1-4
Sec. 8.
(a) In the
				case of a policy designated as one for which illustrations will be used, the
				insurer shall provide each policy owner with an annual report on the status of
				the policy that shall contain at least the following information:
(1) For universal life policies, the report
				shall include the following:
(A) The beginning
				and end date of the current report period.
(B) The policy value at the end of the
				previous report period and at the end of the current report period.
(C) The total amounts that have been credited
				or debited to the policy value during the current report period, identifying
				each by type, for example, the following:
(i)
				Interest.
(ii) Mortality.
(iii) Expense.
(iv) Riders.
(D) The current death benefit at the end of
				the current report period on each life covered by the policy.
(E) The net cash surrender value of the
				policy as of the end of the current report period.
(F) The amount of outstanding loans, if any,
				as of the end of the current report period.
(G) For fixed premium policies, if, assuming
				guaranteed interest, mortality and expense loads and continued scheduled
				premium payments, the policy's net cash surrender value is such that it would
				not maintain insurance in force until the end of the next reporting period, a
				notice to this effect shall be included in the report.
(H) For flexible premium policies, if,
				assuming guaranteed interest, mortality, and expense loads, the policy's net
				cash surrender value will not maintain insurance in force until the end of the
				next reporting period unless further premium payments are made, a notice to
				this effect shall be included in the report.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 62 - Life Insurance Illustrations › Section 62-9 - Annual certifications

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-25;
				  IC
				  27-4-1-4
Sec. 9.
(a) The
				board of directors of each insurer shall appoint one (1) or more illustration
				actuaries.
(b) The illustration
				actuary shall certify that:
(1) the
				disciplined current scale used in illustrations is in conformity with the
				Actuarial Standard of Practice for Compliance with the National Association of
				Insurance Commissioners Model Regulation on Life Insurance Illustrations
				promulgated by the Actuarial Standards Board; and
(2) the illustrated scales used in
				insurer-authorized illustrations meet the requirements of this rule.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 62 - Life Insurance Illustrations › Section 62-10 - Penalties

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-25;
				  IC
				  27-4-1-4
Sec. 10.
In addition to any other penalties provided by the laws of
				  this state, an insurer or producer that violates a requirement of this rule
				  shall be guilty of an unfair and deceptive act or practice.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 62 - Life Insurance Illustrations › Section 62-11 - Separability

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-12-25;
				  IC
				  27-4-1-4
Sec. 11.
If any provision of this rule or its application to any
				  person or circumstance is for any reason held to be invalid by any court of
				  law, the remainder of the rule and its application to other persons or
				  circumstances shall not be affected.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 64 - Valuation of Life Insurance Policies › Section 64-1 - Scope

Current through July 10, 2024
Authority: IC
				  27-1-12-10.5
Affected: IC
				  27-1-12-10; IC
				  27-1-12.8-21
Sec. 1.
(a) Except as
				provided in subsection (c), this rule shall apply to all life insurance
				policies, with or without nonforfeiture values, issued on or after January 1,
				2000.
(b) The method for
				calculating basic reserves defined in this rule will constitute the
				commissioner's reserve valuation method for policies to which this rule is
				applicable.
(c) This rule shall not
				apply to the following:
(1) Any individual
				life insurance policy issued in accordance with and as a result of the exercise
				of a reentry provision contained in a previously issued life insurance policy
				if:
(A) the previously issued policy was
				issued before the effective date of this rule;
(B) the previously issued policy has a face
				amount greater than or equal to the face amount of the new policy;
				and
(C) the reentry provision
				guarantees the premium rates of the new policy.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 64 - Valuation of Life Insurance Policies › Section 64-3 - Basic reserves and premium deficiency reserves; general calculation

Current through July 10, 2024
Authority: IC 27-1-12-10.5
Affected: IC 27-1-12-10; IC 27-1-12.8-21
Sec. 3.
(a) At the
				election of the company for any one (1) or more specified plans of life
				insurance, the minimum mortality standard for basic reserves may be calculated
				using the 1980 CSO valuation tables with select mortality factors (or any other
				valuation mortality table adopted by the NAIC after the effective date of this
				rule and promulgated by rule by the commissioner of the department of insurance
				(commissioner) for this purpose). If select mortality factors are elected, they
				may be:
(1) the ten-year select mortality
				factors incorporated into the 1980 amendments to the NAIC Standard Valuation
				Law;
(2) the select mortality
				factors set forth in section 6 of this rule; or
(3) any other table of select mortality
				factors adopted by the NAIC after the effective date of this rule and
				promulgated by rule by the commissioner for the purpose of calculating basic
				reserves.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 64 - Valuation of Life Insurance Policies › Section 64-4 - Calculation of minimum valuation standard for policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits (other than universal life policies)

Current through July 10, 2024
Authority: IC
				  27-1-12-10.5
Affected: IC
				  27-1-12-10; IC
				  27-1-12.8-21
Sec. 4.
(a) Basic
				reserves shall be calculated as the greater of the segmented reserves and the
				unitary reserves. Both the segmented reserves and the unitary reserves for any
				policy shall use the same valuation mortality table and selection factors. At
				the option of the insurer, in calculating segmented reserves and net premiums,
				either of the adjustments described as follows may be made:
(1) Treat the unitary reserve, if greater
				than zero (0), applicable at the end of each segment as a pure endowment and
				subtract the unitary reserve, if greater than zero (0), applicable at the
				beginning of each segment from the present value of guaranteed life insurance
				and endowment benefits for each segment.
(2) Treat the guaranteed cash surrender
				value, if greater than zero (0), applicable at the end of each segment as a
				pure endowment, and subtract the guaranteed cash surrender value, if greater
				than zero (0), applicable at the beginning of each segment from the present
				value of guaranteed life insurance and endowment benefits for each
				segment.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 64 - Valuation of Life Insurance Policies › Section 64-5 - Calculation of minimum valuation standard for flexible premium and fixed premium universal life insurance policies that contain provisions resulting in the ability of a policy owner to keep a policy in force over a secondary guarantee period

Current through July 10, 2024
Authority: IC
				  27-1-12-10.5
Affected: IC
				  27-1-12-10; IC
				  27-1-12.8-21
Sec. 5.
(a) General
				provisions regarding secondary guarantees are as follows:
(1) Policies with a secondary guarantee
				include, but are not limited to, any of the following:
(A) A policy with a guarantee that the policy
				will remain in force at the original schedule of benefits, subject only to the
				payment of specified premiums.
(B)
				A policy in which the minimum premium at any duration is less than the
				corresponding one (1) year valuation premium, calculated using the maximum
				valuation interest rate and the 1980 CSO valuation tables with or without
				ten-year select mortality factors, or any other table adopted after the
				effective date of this rule by the NAIC and promulgated by rule by the
				commissioner of the department of insurance (commissioner) for this
				purpose.
(C) A policy with any
				combination of clauses (A) and (B).
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 64 - Valuation of Life Insurance Policies › Section 64-6 - Tables of select mortality factors

Current through July 10, 2024
Authority: IC
				  27-1-12-10.5
Affected: IC
				  27-1-12-10; IC
				  27-1-12.8-21
Sec. 6.
(a) The
				tables of select mortality factors set forth in this section are the bases to
				which the respective percentage of section 3(a)(2), 3(b)(2), and 3(b)(3) of
				this rule are applied.
(b) The six
				(6) tables of select mortality factors contained in this section include:
(1) male, aggregate;
(2) male, nonsmoker;
(3) male, smoker;
(4) female, aggregate;
(5) female, nonsmoker; and
(6) female, smoker.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 66 - Acquisition of Shares of Former Mutual Insurance Company by Institutional Investor › Section 66-1 - Applicability and scope

Current through July 10, 2024
Authority: IC
				  27-15-13-2
Affected: IC
				  27-15-13-2
Sec. 1.
(a) This
				rule is intended to provide a procedure under which an institutional investor
				may acquire beneficial ownership of five percent (5%) or more, but less than
				ten percent (10%) of the outstanding shares of any class of a voting security
				of a former mutual or any parent company, in a manner considered to have been
				approved by the commissioner under IC
				27-15-13-2.
(b) This rule applies to acquisitions of
				shares by institutional investors that are not affiliates of the former mutual
				or parent company and that are acting in the ordinary course of business and
				not with the purpose or effect of changing or influencing the control,
				management, or policies of the former mutual or parent company.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 66 - Acquisition of Shares of Former Mutual Insurance Company by Institutional Investor › Section 66-3 - General requirements

Current through July 10, 2024
Authority: IC
				  27-15-13-2
Affected: IC 27-15-13
Sec. 3.
(a) Not
				less than ten (10) business days, or such shorter time period as the
				commissioner may permit, prior to an institutional investor directly or
				indirectly acquiring, or agreeing or offering to acquire in any manner the
				beneficial ownership of five percent (5%) or more but less than ten percent
				(10%) of the outstanding shares of any class of a voting security of the former
				mutual or any parent company within five (5) years of the effective date of a
				conversion, the following certificates and documents shall be filed with the
				commissioner:
(1) A certificate, signed by
				the president and the secretary or other executive officers of the former
				mutual company and any parent company, in the form provided in section 6 of
				this rule.
(2) A certificate,
				signed by two (2) executive officers of the institutional investor, in the form
				provided in section 7 of this rule.
(3) Copies of any filings made or received by
				the former mutual company, parent company, or institutional investor with the
				Securities and Exchange Commission relating to the proposed acquisition of the
				shares.
(4) A copy of any agreement
				by the institutional investor or any affiliate thereof and the parent company,
				former mutual company, or any affiliate thereof concerning the shares or the
				voting thereof.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 66 - Acquisition of Shares of Former Mutual Insurance Company by Institutional Investor › Section 66-4 - Review of filings

Current through July 10, 2024
Authority: IC
				  27-15-13-2
Affected: IC
				  27-1-23-2;
				  IC 27-15-13
Sec. 4.
(a) A
				filing made by a former mutual company in accordance with section 3 of this
				rule shall be deemed approved by the commissioner as of the date the department
				receives the filing.
(b) The
				commissioner may review filings made under this rule at any time within thirty
				(30) days after receipt and may issue a written request for a former mutual
				company, parent company, or institutional investor to provide any additional
				information that may be appropriate to complete such review. The commissioner
				may, at the same time, order the institutional investor to refrain from
				purchasing any shares that, together with shares already beneficially owned by
				the institutional investor, would give the institutional investor ownership of
				five percent (5%) or more of the outstanding shares of any class of voting
				securities of the former mutual or parent company. The order shall remain in
				effect until the earliest of the following:
(1) Sixty (60) days following the date the
				commissioner received the filing.
(2) The date the commissioner makes a
				determination under subsection (c).
(3) The date the commissioner otherwise
				provides the former mutual company and the institutional investor with a
				written approval for the acquisition of shares to resume.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 66 - Acquisition of Shares of Former Mutual Insurance Company by Institutional Investor › Section 66-5 - Additional powers of commissioner; prohibition from use of rule based on change in investor's certificate

Current through July 10, 2024
Authority: IC
				  27-15-13-2
Affected: IC 27-1-23
Sec. 5.
(a) Nothing
				in this rule shall prevent the commissioner from taking any action necessary
				for the protection of the policyholders of the former mutual company upon the
				commissioner's receipt of a notice of any change in the matters certified as
				required by IC
				27-15-13-2(b)(2)(C).
(b) An institutional investor that files a
				notice described in subsection (a) may make no further acquisitions of shares
				under this rule if any change reported in such notice would:
(1) make the institutional investor
				ineligible to use this rule to acquire shares;
(2) require approval under IC 27-1-23;
				or
(3) otherwise cause the
				commissioner to disapprove an acquisition of shares.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 66 - Acquisition of Shares of Former Mutual Insurance Company by Institutional Investor › Section 66-6 - Certificate of officers of former mutual and parent company

Current through July 10, 2024
Authority: IC
				  27-15-13-2
Affected: IC 27-15
Sec. 6.
The certificate required under section 3 of this rule from
				  the officers of the former mutual company and any parent company shall be in
				  the following form:
OFFICERS' CERTIFICATE
Click
				  here to view Image
Click
				  here to view Image
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 66 - Acquisition of Shares of Former Mutual Insurance Company by Institutional Investor › Section 66-7 - Ce»rtificate of executive officers of institutional investor

Current through July 10, 2024
Authority: IC
				  27-15-13-2
Affected: IC
				  27-1-23-1
Sec. 7.
The certificate required under section 3 of this rule from
				  the officers of an institutional investor shall be in the following
				  form:
OFFICERS' CERTIFICATE
Click
				  here to view Image
Click
				  here to view Image
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 67 - Privacy of Consumer Information › Section 67-1 - Applicability and scope

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-2-20-3
Affected: IC
				  27-1-7-2;
				  IC
				  27-1-12-1;
				  IC
				  27-1-13-1;
				  IC
				  27-1-17-2;
				  IC 27-1-23; IC 27-1-25; IC 27-1-33; IC 27-6-6; IC 27-6-
9; IC 27-7-3; IC 27-8-1; IC 27-8-16; IC 27-8-17; IC
				  27-8-19.8; IC 27-10-3; IC 27-13
Sec. 1.
(a) This
				rule applies to nonpublic personal financial information about individuals who
				obtain or are claimants or beneficiaries of products or services primarily for
				personal, family, or household purposes from licensees of the department of
				insurance.
(b) This rule does not
				apply to information about companies or about individuals who:
(1) obtain products or services for business,
				commercial, or agricultural purposes; or
(2) are claiming benefits under a policy
				described in subsection (1).
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 67 - Privacy of Consumer Information › Section 67-2 - Definitions

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-2-20-3
Affected: IC
				  27-1-7-2;
				  IC
				  27-1-12-1;
				  IC
				  27-1-13-1;
				  IC 27-1-15.6; IC 27-1-15.8; IC 27-1-17-2; IC 27-1-23; IC 27-1-25; IC
27-1-33; IC 27-6-6; IC 27-6-9; IC 27-7-3; IC 27-8-1; IC
				  27-8-16; IC 27-8-17; IC 27-8-19.8; IC 27-10-3; IC 27-13
Sec. 2.
The following definitions apply throughout this rule:
(1) "Affiliate" means any company that
				controls, is controlled by, or is under common control with another
				company.
(2) "Clear and
				conspicuous" means that a notice is reasonably understandable and designed to
				call attention to the nature and significance of the information in the notice.
				The following are examples that meet this standard:
(A) A licensee makes its notice reasonably
				understandable if it does the following:
(i)
				Presents the information in the notice in clear, concise sentences, paragraphs,
				and sections.
(ii) Uses short
				explanatory sentences or bullet lists whenever possible.
(iii) Uses definite, concrete, everyday words
				and active voice whenever possible.
(iv) Avoids multiple negatives.
(v) Avoids legal and highly technical
				business terminology whenever possible.
(vi) Avoids explanations that are imprecise
				and readily subject to different interpretations.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 67 - Privacy of Consumer Information › Section 67-3 - Initial privacy notice to consumers

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-1-25-14; IC
				  27-1-33-11;
				  IC
				  27-2-20-3; IC
				  27-8-16-14; IC
				  27-8-17-20; IC
				  27-8-19.8-26;
				  IC
				  27-13-10-13
Affected: IC
				  27-1-7-2;
				  IC
				  27-1-12-1;
				  IC
				  27-1-13-1;
				  IC
				  27-1-17-2;
				  IC 27-1-23; IC 27-1-25; IC 27-1-33; IC 27-6-6; IC 27-6-
9; IC 27-7-3; IC 27-8-1; IC 27-8-16; IC 27-8-17; IC
				  27-8-19.8; IC 27-10-3; IC 27-13
Sec. 3.
(a) A
				licensee shall provide a clear and conspicuous notice that accurately reflects
				its privacy policies and practices to the following:
(1) An individual who becomes the licensee's
				customer, not later than when the licensee establishes a customer relationship,
				except as provided in subsection (e).
(2) A consumer, before the licensee discloses
				any nonpublic personal financial information about the consumer to any
				nonaffiliated third party, if the licensee makes a disclosure other than as
				authorized by sections 13 and 14 of this rule.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 67 - Privacy of Consumer Information › Section 67-4 - Annual privacy notice to customers

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-1-25-14; IC
				  27-1-33-11;
				  IC
				  27-2-20-3; IC
				  27-8-16-14; IC
				  27-8-17-20; IC
				  27-8-19.8-26;
				  IC
				  27-13-10-13
Affected: IC
				  27-1-7-2;
				  IC
				  27-1-12-1;
				  IC
				  27-1-13-1;
				  IC
				  27-1-17-2;
				  IC 27-1-23; IC 27-1-25; IC 27-1-33; IC 27-6-6; IC 27-6-
9; IC 27-7-3; IC 27-8-1; IC 27-8-16; IC 27-8-17; IC
				  27-8-19.8; IC 27-10-3; IC 27-13
Sec. 4.
(a) A
				licensee shall provide a clear and conspicuous notice to customers that
				accurately reflects its privacy policies and practices not less than annually
				during the continuation of the customer relationship as follows:
(1) As used in this section, "annually" means
				at least once in any period of twelve (12) consecutive months during which that
				relationship exists. A licensee may define the twelve (12) consecutive month
				period, but the licensee shall apply it to the customer on a consistent
				basis.
(2) A licensee provides a
				notice annually if it defines the twelve (12) consecutive month period as a
				calendar year and provides the annual notice to the customer once in each
				calendar year following the calendar year in which the licensee provided the
				initial notice. For example, if a customer opens an account on any day of Year
				1, the licensee shall provide an annual notice to that customer by December 31
				of Year 2.