reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 71 - Copies of Medical Records › Section 71-1 - Applicability and scope

Current through July 10, 2024
Authority: IC
				  16-39-9-4
Affected: IC 16-39
Sec. 1.
This rule applies to all providers and medical records
				  companies.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 71 - Copies of Medical Records › Section 71-2 - Definitions

Current through July 10, 2024
Authority: IC
				  16-39-9-4
Affected: IC
				  16-18-2-295; IC 16-39
Sec. 2.
The following definitions apply throughout this rule:
(1) "Medical records company" means a company
				that contracts with providers to make copies of patient medical
				records.
(2) "Provider" has the
				meaning set forth in IC
				16-18-2-295.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 71 - Copies of Medical Records › Section 71-3 - General requirements

Current through July 10, 2024
Authority: IC
				  16-39-9-4
Affected: IC 16-39
Sec. 3.
(a) A
				provider or medical records company that receives a request for a copy of a
				patient's medical record shall charge not more than the following:
(1) One dollar ($1) per page for the first
				ten (10) pages.
(2) Fifty cents
				($.50) per page for pages eleven (11) through fifty (50).
(3) Twenty-five cents ($.25) per page for
				pages fifty-one (51) and higher.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 71 - Copies of Medical Records › Section 71-4 - Waiver of charges

Current through July 10, 2024
Authority: IC
				  16-39-9-4
Affected: IC 16-39
Sec. 4.
A provider or a medical records company shall consider
				  waiving or reducing the charges for copies of a patient's medical record under
				  the following situations:
(1) A
				request from a provider:
(A) to whom the
				patient was referred for treatment; or
(B) from whom the patient is seeking a second
				opinion.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 72 - Consumer Protections in Annuity Transactions › Section 72-1 - Purpose and scope

Current through July 10, 2024
Authority: IC
				  27-4-9-4
Affected: IC
				  27-1-15.6-12; IC
				  27-4-1-4; IC
				  27-4-9
Sec. 1.
(a) The
				purpose of this rule is to require producers, as defined in this rule, to act
				in the best interest of the consumer when making a recommendation of an
				annuity, and to require insurers to establish and maintain a system to
				supervise recommendations so that the insurance needs and financial objectives
				of consumers at the time of the transaction are effectively addressed.
(b) This rule shall apply to any
				sale or recommendation of an annuity.
(c) Nothing in this rule shall be construed
				to create or imply a private cause of action for a violation of this rule, or
				to subject a producer to civil liability under the best interest standard of
				care outlined in section 4.1 of this rule or under standards governing the
				conduct of a fiduciary or a fiduciary relationship.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 72 - Consumer Protections in Annuity Transactions › Section 72-2 - Exemptions

Current through July 10, 2024
Authority: IC
				  27-4-9-4
Affected: IC
				  27-1-15.6-12; IC
				  27-4-1-4; IC
				  27-4-9
Sec. 2.
Unless otherwise specifically included, this rule shall not
				  apply to transactions involving the following:
(1) Direct response solicitations where there
				is no recommendation based on information collected from the consumer under
				this rule.
(2) Contracts used to
				fund any of the following:
(A) An employee
				pension or welfare benefit plan that is covered by the Employee Retirement and
				Income Security Act (ERISA).
(B) A
				plan described by Section:
(i)
				401(a);
(ii) 401(k);
(iii) 403(b);
(iv) 408(k); or
(v)  408(p);
of the Internal Revenue Code, as amended, if established or
				  maintained by an employer.
(C) A government or church plan defined in
				Section 414 of the Internal Revenue Code, as amended.
(D) A government or church welfare benefit
				plan.
(E) A deferred compensation
				plan of a state or local government or tax exempt organization under Section
				457 of the Internal Revenue Code, as amended.
(F) A nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor.
(G) Settlements of or assumptions of
				liabilities associated with personal injury litigation or a dispute or claim
				resolution process.
(H) Formal
				prepaid funeral contracts.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 72 - Consumer Protections in Annuity Transactions › Section 72-3 - Definitions

Current through July 10, 2024
Authority: IC 27-4-9-4
Affected: IC 27-1-15.6-12; IC 27-4-1-4; IC 27-4-9-2
Sec. 3.
The following definitions apply throughout this rule:
(1) "Annuity" means an annuity that is an
				insurance product under state law that is individually solicited, whether the
				product is classified as an individual or group annuity.
(2) "Cash compensation" means any:
(A) discount;
(B) concession;
(C) fee;
(D) service fee;
(E) commission;
(F) sales charge;
(G) loan;
(H) override; or
(I) cash benefit;
received by a producer in connection with the recommendation
				  or sale of an annuity from an insurer, an intermediary, or directly from the
				  consumer.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 72 - Consumer Protections in Annuity Transactions › Section 72-4.1 - Duties of insurers and of insurance producers

Current through July 10, 2024
Authority: IC 27-4-9-4
Affected: IC 27-1-15.6-12; IC 27-4-1-4; IC 27-4-9
Sec. 4.1.
(a) A
				producer, when making a recommendation of an annuity, shall act in the best
				interest of the consumer under the circumstances known at the time the
				recommendation is made, without placing the producer's or the insurer's
				financial interest ahead of the consumer's interest. A producer has acted in
				the best interest of the consumer if they have satisfied the obligations set
				forth in subsections (b) through (m) regarding care, disclosure, conflict of
				interest, and documentation. The requirements under this subsection and
				subsections (b) through (m) do not create a fiduciary obligation or
				relationship, and only create a regulatory obligation as established in this
				rule.
(b) The producer, in making a
				recommendation, shall exercise reasonable diligence, care, and skill to:
(1) know the consumer's financial situation,
				insurance needs, and financial objectives;
(2) understand the available recommendation
				options after making a reasonable inquiry into options available to the
				producer;
(3) have a reasonable
				basis to believe the recommended option effectively addresses the consumer's
				financial situation, insurance needs, and financial objectives over the life of
				the product, as evaluated in light of the consumer profile information;
				and
(4) communicate the basis or
				bases of the recommendation. These requirements apply to the particular annuity
				as a whole and the underlying subaccounts to which funds are allocated at the
				time of purchase or exchange of an annuity, and riders and similar product
				enhancements, if any.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 72 - Consumer Protections in Annuity Transactions › Section 72-4.5 - Producer training

Current through July 10, 2024
Authority: IC 27-4-9-4
Affected: IC 27-1-15.6-12; IC 27-1-15.6-19.5; IC 27-1-15.7-4;
				  IC 27-4-1-4; IC 27-4-9
Sec. 4.5.
(a) A
				producer shall not solicit the sale of an annuity product unless the producer
				has adequate knowledge of the product to recommend the annuity and the producer
				is in compliance with the insurer's standards for product training. A producer
				may rely on insurer provided, product-specific training standards and materials
				to comply with this section.
(b) A
				producer that engages in the sale of annuity products shall complete a one (1)
				time four (4) credit training course approved by the department and provided by
				a continuing education provider.
(c) Producers that hold a life insurance line
				of authority on July 1, 2024, and desire to sell annuities shall complete the
				requirements of subsection (b) within six (6) months after the effective date
				of this rule. Individuals who obtain a life insurance line of authority on or
				after the effective date of this rule may not engage in the sale of annuities
				until the annuity training course required under subsection (b) has been
				completed.
(d) The minimum length
				of the training required under subsection (b) is sufficient to qualify for at
				least four (4) CE credits, but may be longer.
(e) The training required under this
				subsection shall include information on the following topics:
(1) The types of annuities and various
				classifications of annuities.
(2)
				Identification of the parties to an annuity.
(3) How product specific annuity contract
				features affect consumers.
(4) The
				application of income taxation of qualified and nonqualified
				annuities.
(5) The primary uses of
				annuities.
(6) Appropriate standard
				of conduct, sales practices, replacement, and disclosure
				requirements.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 72 - Consumer Protections in Annuity Transactions › Section 72-5 - Compliance mitigation; penalties; enforcement

Current through July 10, 2024
Authority: IC
				  27-4-9-4
Affected: IC
				  27-1-15.6-12; IC
				  27-4-1-4; IC
				  27-4-9
Sec. 5.
(a) An
				insurer is responsible for compliance with this rule. If a violation occurs,
				either because of the action or inaction of the insurer or its producer, the
				commissioner may order the following:
(1) An
				insurer to take reasonably appropriate corrective action for a consumer harmed
				by a failure to comply with this rule by the insurer, an entity contracted to
				perform the insurer's supervisory duties, or by the producer.
(2) A general agency, independent agency, or
				the producer to take reasonably appropriate corrective action for y a consumer
				harmed by the producer's violation of this rule.
(3) Appropriate penalties and
				sanctions.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 72 - Consumer Protections in Annuity Transactions › Section 72-6 - Record keeping

Current through July 10, 2024
Authority: IC
				  27-4-9-4
Affected: IC
				  27-1-15.6-12; IC
				  27-4-1-4; IC
				  27-4-9
Sec. 6.
(a)
				Insurers, managing general agents, independent agencies, and insurance
				producers shall:
(1) maintain; or
(2) be able to make available to the
				commissioner; records of the information collected from the consumer,
				disclosures made to the consumer, including summaries of oral disclosures, and
				other information used in making the recommendations that were the basis for
				insurance transactions for five (5) years after the insurance transaction is
				completed by the insurer. An insurer is permitted but is not required to
				maintain documentation on behalf of a producer.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 72 - Consumer Protections in Annuity Transactions › Section 72-7 - Insurance agent (producer) disclosure for annuities

Current through July 10, 2024
Authority: IC 27-4-9-4
Affected: IC 27-1-15.6-12; IC 27-4-1-4; IC 27-4-9
Sec. 7.
The insurance agent (producer) disclosure for annuities form
				  is as follows:
Click
				  here to view Image
Click
				  here to view Image
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 72 - Consumer Protections in Annuity Transactions › Section 72-8 - Consumer refusal to provide information

Current through July 10, 2024
Authority: IC 27-4-9-4
Affected: IC 27-1-15.6-12; IC 27-4-1-4; IC 27-4-9
Sec. 8.
The consumer refusal to provide information form is as
				  follows:
CONSUMER REFUSAL TO PROVIDE INFORMATION
Do Not Sign Unless You Have Read and Understand the
				  Information in this Form
Why are you being given this form?
You're buying a financial product - an annuity.
To recommend a product that effectively meets your needs,
				  objectives and situation, the agent, broker, or company needs information about
				  you, your financial situation, insurance needs and financial objectives.
If you sign this form, it means you have not given the agent,
				  broker, or company some or all the information needed to decide if the annuity
				  effectively meets your needs, objectives and situation. You may lose
				  protections under the Insurance Code of Indiana if you sign this form or
				  provide inaccurate information.
Statement of Purchaser:
[] I REFUSE to provide this information at this time.
[] have chosen to provide LIMITED information at this
				  time.
__________________________________
Customer Signature
__________________________________
Date
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 72 - Consumer Protections in Annuity Transactions › Section 72-9 - Consumer decision to purchase an annuity not based on a recommendation

Current through July 10, 2024
Authority: IC 27-4-9-4
Affected: IC 27-1-15.6-12; IC 27-4-1-4; IC 27-4-9
Sec. 9.
The consumer decision to purchase an annuity not based on a
				  recommendation form is as follows:
Consumer Decision to Purchase an Annuity NOT Based on a
				  Recommendation
Do Not Sign This Form Unless You Have Read and Understand
				  It.
Why are you being given this form? You are buying a financial
				  product - an annuity.
To recommend a product that effectively meets your needs,
				  objectives and situation, the agent, broker, or company has the responsibility
				  to learn about you, your financial situation, insurance needs and financial
				  objectives.
If you sign this form, it means you know that you're buying
				  an annuity that was not recommended.
Statement of Purchaser:
I understand that I am buying an annuity, but the agent,
				  broker or company did not recommend that I buy it. If I buy it without a
				  recommendation, I understand I may lose protections under the Insurance Code of
				  Indiana.
________________________________________________
Customer Signature
________________________________________________
Date ________________________________________________
Agent/Producer Signature
________________________________________________
Date
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 73 - Professional Employer Organizations › Section 73-1 - Definitions

Current through July 10, 2024
Authority: IC
				  27-16-4-7; IC
				  27-16-5-4;
				  IC
				  27-16-5-6;
				  IC
				  27-16-8-4
Affected: IC 27-16
Sec. 1.
The definitions set forth in IC 27-16 and the following
				  definitions apply throughout this rule:
(1) "Fully insured" means a health benefit
				plan for which one hundred percent (100%) of the liability has been assumed by
				an insurance company or health maintenance organization authorized to conduct
				business in Indiana. The health benefit plan may include a layer of financial
				responsibility for claims assumed by the PEO as long as the insurance company
				or health maintenance organization is responsible for 100% of the PEO's
				liability in the event of nonpayment by the PEO. The covered individual must be
				entitled to make a claim for payment directly to the insurance company or
				health maintenance organization. A fully insured plan may have copay or
				deductible requirements as permitted by law.
(2) "Health benefit plan" means a plan that
				provides benefits for health care services. The term does not include the
				following:
(A) Accident only or disability
				income insurance or a combination thereof.
(B) Credit only insurance.
(C) Disability insurance.
(D) Coverage for a specified disease or
				illness.
(E) Medicare supplement
				policies.
(F) Long term care
				coverage.
(G) Workers' compensation
				insurance.
(H) Hospital indemnity
				of fixed indemnity insurance.
(I)
				Reinsurance contract issued on a stop loss, quota share, or similar
				basis.
(J) Short term major medical
				contracts.
(K) Liability
				insurance.
(L) Limited benefit
				coverage such as dental or vision only.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 73 - Professional Employer Organizations › Section 73-3 - Review of application

Current through July 10, 2024
Authority: IC
				  27-16-4-7; IC
				  27-16-5-4;
				  IC
				  27-16-5-6;
				  IC
				  27-16-8-4
Affected: IC 4-21.5; IC 27-16
Sec. 3.
(a) The
				department shall review the application within ninety (90) days of
				submission.
(b) The department can
				deny a registration if the applicant fails to meet the standards of this rule
				or IC 27-16.
(1) A denial shall:
(A) be in writing;
(B) state the reasons supporting the denial;
				and
(C) provide the applicant with
				an opportunity to request a hearing.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 73 - Professional Employer Organizations › Section 73-4 - Limited registration for foreign PEO

Current through July 10, 2024
Authority: IC
				  27-16-4-7; IC
				  27-16-5-4;
				  IC
				  27-16-5-6;
				  IC
				  27-16-8-4
Affected: IC 27-16
Sec. 4.
(a) A PEO
				that is domiciled in a state other than Indiana shall submit the application
				required under section 2 of this rule. The department will identify the
				portions of the application that are not required to be completed for a limited
				registration. (b) If the PEO provides documentation of all of the following,
				the application shall be approved:
(1) It is
				licensed or registered in another state that has a licensure or registration
				requirement that is substantially similar to or more restrictive than IC
				27-16.
(2) It is in good standing
				in that state.
(3) It does not
				maintain an office or directly solicit clients located or domiciled in
				Indiana.
(4) It does not have more
				than fifty (50) employees employed or domiciled in Indiana.
(5) Payment of a registration fee of two
				hundred fifty dollars ($250).
A foreign PEO that cannot document these factors is subject
				  to the same review standards as a PEO domiciled in Indiana.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 73 - Professional Employer Organizations › Section 73-5 - Independent certification

Current through July 10, 2024
Authority: IC
				  27-16-4-7; IC
				  27-16-5-4;
				  IC
				  27-16-5-6;
				  IC
				  27-16-8-4
Affected: IC 27-16
Sec. 5.
(a) Under
				IC
				27-16-4-7, the
				department shall approve a PEO's registration in lieu of the requirements of
				sections 2 and 4 of this rule if a certification of the PEO acceptable to the
				commissioner is provided to the department. The certification must be from an
				independent national organization that has been approved by the department. To
				be approved by the department, the organization shall:
(1) have an established program for the
				accreditation or certification of PEOs based on requirements equal to or
				greater than the requirements of IC 27-16 and this rule;
(2) be willing to provide a level of
				financial assurance acceptable to the commissioner; and
(3) agree to provide the department with:
(A) a letter from each PEO requesting
				registration under IC
				27-16-4-7, along
				with such information as the department shall require to process the
				request;
(B) an affidavit
				confirming the certification or accreditation of each PEO and provide written
				notice within two (2) business days of any termination or default of such
				certification or accreditation; and
(C) on-line access to, or provide a copy
				within five (5) business days of a request for, any information used as a basis
				for certification or accreditation of a PEO that has elected to use these
				procedures.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 73 - Professional Employer Organizations › Section 73-6 - Renewal of registration

Current through July 10, 2024
Authority: IC
				  27-16-4-7; IC
				  27-16-5-4;
				  IC
				  27-16-5-6;
				  IC
				  27-16-8-4
Affected: IC 27-16
Sec. 6.
(a) A
				registration under section 2, 4, or 5 of this rule is valid for one (1)
				year.
(b) A PEO shall complete a
				renewal application on a form prescribed by the department. The registration
				shall:
(1) identify any change in the
				information provided with the PEO's initial registration; and
(2) include an update of the PEO's list of
				Indiana clients.
For a PEO registered under section 5 of this rule, the
				  renewal request and any updated information may be provided by the approved
				  independent national organization that provided the information for the initial
				  registration.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 73 - Professional Employer Organizations › Section 73-7 - Health benefit plan

Current through July 10, 2024
Authority: IC
				  27-16-4-7; IC
				  27-16-5-4;
				  IC
				  27-16-5-6;
				  IC
				  27-16-8-4
Affected: IC 27-1-3.1; IC 27-1-25; IC 27-4-1; IC 27-16
Sec. 7.
(a) If a
				PEO offers to its employees a health benefit plan that is not fully insured,
				the PEO must comply with the following:
(1)
				The health benefit plan shall have stop loss coverage with an insurer
				authorized to do business in Indiana. The aggregate retention by the health
				benefit plan may not exceed one hundred twenty-five percent (125%) of expected
				claims. The health benefit plan may not use the identity of the stop loss
				insurer in its marketing information.
(2) Funds held by the PEO for the health
				benefit plan must be held in a segregated trust account and may be used only
				for claims and administrative expenses of the health benefit plan.
(A) The segregated trust account shall:
(i) hold reserves consistent with the
				actuarial opinion; and
(ii) have a
				minimum balance of one hundred thousand dollars ($100,000).
(B) The segregated trust account
				shall hold its funds in the form of:
(i)
				cash;
(ii) irrevocable letter of
				credit; or
(iii) U.S. government
				investments.
(3) The health benefit plan shall place funds
				into the segregated trust account sufficient to fund one hundred percent (100%)
				of the aggregate retention plus all other costs of the health benefit
				plan.
(4) The health benefit plan
				shall:
(A) be operated in accordance with
				sound actuarial principles; and
(B)
				have an annual actuarial opinion from a qualified actuary.
(5) The PEO shall have a written plan
				acceptable to the department for handling claims. The plan shall include the
				services of an administrator licensed under IC 27-1-25.
(6) No person charged with responsibility of
				handling funds may have been convicted at any time of a crime involving moral
				turpitude or dishonesty unless the commissioner specifically, in writing,
				permits the person to be involved with the health benefit plan.
(7) The health benefit plan may only provide
				health benefits to employees and their dependents. The health benefit plan may
				not discriminate between persons based upon health status in eligibility or
				terms of coverage.
(8) The PEO
				shall have a written plan acceptable to the commissioner for the payment of
				claims in the event of a voluntary dissolution or insolvency.
(9) The PEO and its health benefit plan must
				comply with the Health Insurance Portability and Accountability Act of 1996, as
				well as any other applicable federal and state laws. The health benefit plan is
				subject to IC 27-4-1 regarding unfair claims settlement practices and penalties
				for violations.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 73 - Professional Employer Organizations › Section 73-8 - Fees and penalties

Current through July 10, 2024
Authority: IC
				  27-16-4-7; IC
				  27-16-5-4;
				  IC
				  27-16-5-6;
				  IC
				  27-16-8-4
Affected: IC
				  27-1-3-28;
				  IC 27-16
Sec. 8.
(a) All
				fees required by this rule are nonrefundable.
(b) All fees and penalties collected under
				this rule shall be deposited into the department of insurance dedicated fund
				created under IC
				27-1-3-28.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 73 - Professional Employer Organizations › Section 73-9 - List of registered PEOs

Current through July 10, 2024
Authority: IC
				  27-16-4-7; IC
				  27-16-5-4;
				  IC
				  27-16-5-6;
				  IC
				  27-16-8-4
Affected: IC 27-16
Sec. 9.
The department will post on its Web site a current list of
				  registered PEOs.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 73 - Professional Employer Organizations › Section 73-10 - Confidential information

Current through July 10, 2024
Authority: IC
				  27-16-4-7; IC
				  27-16-5-4;
				  IC
				  27-16-5-6;
				  IC
				  27-16-8-4
Affected: IC
				  5-14-3-4;
				  IC 27-16
Sec. 10.
The department may share information, including confidential
				  information, with another state agency as allowed by IC
				  5-14-3-4.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 73 - Professional Employer Organizations › Section 73-11 - Severability

Current through July 10, 2024
Authority: IC
				  27-16-4-7; IC
				  27-16-5-4;
				  IC
				  27-16-5-6;
				  IC
				  27-16-8-4
Affected: IC 27-16
Sec. 11.
If any section or portion of a section of this rule or its
				  applicability to any person or circumstance is held invalid by a court, the
				  remainder of the rule or the applicability of the provision to other persons or
				  circumstances shall not be affected.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 74 - Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 74-1 - Definitions

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-12-10
Sec. 1.
The following definitions apply throughout this rule:
(1) "2001 CSO Mortality Table" means those
				mortality tables, consisting of separate rates of mortality for male and female
				lives, developed by the American Academy of Actuaries CSO Task Force from the
				Valuation Basic Mortality Table developed by the Society of Actuaries
				Individual Life Insurance Valuation Mortality Task Force, and adopted by the
				NAIC in December 2002. The 2001 CSO Mortality Table is included in the
				Proceedings of the NAIC (2nd Quarter 2002) and
				supplemented by the 2001 CSO Preferred Class Structure Mortality Table. Unless
				the context indicates otherwise, the "2001 CSO Mortality Table" includes both
				the ultimate form of that table and the select and ultimate form of that table
				and includes both the smoker and nonsmoker mortality tables and the composite
				mortality tables. It also includes both the age-nearest-birthday and
				age-last-birthday bases of the mortality tables. Mortality tables in the 2001
				CSO Mortality Table include the following:
(A)
				"2001 CSO Mortality Table (F)" means that mortality table consisting of the
				rates of mortality for female lives from the 2001 CSO Mortality
				Table.
(B) "2001 CSO Mortality
				Table (M)" means that mortality table consisting of the rates of mortality for
				male lives from the 2001 CSO Mortality Table.
(C) "Composite mortality tables" means
				mortality tables with rates of mortality that do not distinguish between
				smokers and nonsmokers.
(D) "Smoker
				and nonsmoker mortality tables" means mortality tables with separate rates of
				mortality for smokers and nonsmokers.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 74 - Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 74-2 - 2001 CSO Preferred Class Structure Mortality Table

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-12-10
Sec. 2.
At the election of the company, for each calendar year of
				  issue, for any one (1) or more specified plans of insurance and subject to
				  satisfying the conditions stated in this rule, the 2001 CSO Preferred Class
				  Structure Mortality Table may be substituted in place of the 2001 CSO Smoker or
				  Nonsmoker Mortality Table as the minimum valuation standard for policies issued
				  on or after January 1, 2007. No such election shall be made until the company
				  demonstrates at least twenty percent (20%) of the business to be valued on this
				  table is in one (1) or more of the preferred classes. A table from the 2001 CSO
				  Preferred Class Structure Mortality Table used in place of a 2001 CSO Mortality
				  Table, pursuant to the requirements of this rule, will be treated as part of
				  the 2001 CSO Mortality Table only for purposes of reserve valuation pursuant to
				  the requirements of 760 IAC 1-35.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 74 - Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 74-3 - Conditions

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-12-10
Sec. 3.
(a) For each
				plan of insurance with separate rates for Preferred and Standard Nonsmoker
				lives, an insurer may use the Super Preferred Nonsmoker, Preferred Nonsmoker,
				and Residual Standard Nonsmoker tables to substitute for the Nonsmoker
				mortality table found in the 2001 CSO Mortality Table to determine minimum
				reserves. At the time of election and annually thereafter, except for business
				valued under the Residual Standard Nonsmoker Table, the appointed actuary shall
				certify the following:
(1) The present value
				of death benefits over the next ten (10) years after the valuation date, using
				the anticipated mortality experience without recognition of mortality
				improvement beyond the valuation date for each class, is less than the present
				value of death benefits using the valuation basic table corresponding to the
				valuation table being used for that class.
(2) The present value of death benefits over
				the future life of the contracts, using anticipated mortality experience
				without recognition of mortality improvement beyond the valuation date for each
				class, is less than the present value of death benefits using the valuation
				basic table corresponding to the valuation table being used for that
				class.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 74 - Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 74-4 - Severability

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-12-10
Sec. 4.
If any provision of this rule or its application to any
				  person or circumstance is for any reason held to be invalid, the remainder of
				  the rule and the application of the provision to other persons or circumstances
				  shall not be affected.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-1 - Definitions

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC 20-20-1; IC
				  27-1-34-1;
				  IC
				  27-7-2-2
Sec. 1.
The following definitions apply throughout this rule:
(1) "Affiliate of" or "affiliated with" (a
				specific person) means a person that 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 75 - School Trusts › Section 75-2 - Feasibility study

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  20-42.5-2-1
Sec. 2.
(a) A risk
				pool shall obtain a feasibility study from a qualified actuary, or other expert
				approved by the commissioner, before submitting an application under section 3
				of this rule. The feasibility study shall estimate the contributions necessary
				to cover losses and expenses for the risk pool. It shall include the expert's
				opinion that a risk pool is an appropriate vehicle for the founding
				participants of the risk pool. The following factors shall be considered and
				addressed in the feasibility study:
(1) Risks
				for which the risk pool will provide coverage.
(2) The amounts of initial capital and
				expenses the founding participants will commit to the risk pool from their own
				resources until the risk pool becomes self-supporting.
(3) The types of services the risk pool will
				require and their possible source. Services may include the following:
(A) Actuarial.
(B) Financial.
(C) Legal.
(D) Management.
(4) Goals and future changes anticipated by
				the organization.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-4 - Participation agreements

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  20-42.5-2-1
Sec. 4.
(a) The
				participation agreement shall include the following:
(1) Procedures for individual risk pool
				participant entry and withdrawal. The participation agreement shall include the
				following:
(A) Provisions for any ownership or
				investment interest.
(B) Length of
				initial membership period or participation period.
(C) Penalties for withdrawal, if
				any.
(D) Rights to risk pool assets
				or income.
(E) Obligations for any
				continuing liabilities for current and future expenses of the risk
				pool.
(F) A continuing obligation
				for the risk pool to calculate and report incurred but not reported losses
				incurred during the risk pool participant's tenure with the risk
				pool.
(G) The formula used to
				determine how the:
(i) assets;
(ii) liabilities;
(iii) income; and
(iv) expenses;
will be apportioned among risk pool participants or
				  reapportioned among risk pool participants when adding new risk pool
				  participants or deleting retiring risk pool participants.
(H) Provisions delineating a risk
				pool participant's voting rights during and after participation
				periods.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-5 - Coverage and forms

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  27-1-5-1;
				  IC
				  27-7-2-28.1
Sec. 5.
(a) A risk
				pool may offer any of the following coverages:
(1) Liability insurance.
(2) Property insurance.
(3) Casualty insurance.
(4) Worker's compensation
				insurance.
(5) Employee health
				insurance.
(6) Vision
				insurance.
(7) Dental
				insurance.
(8) Automobile liability
				insurance.
(9) Professional
				liability insurance.
(10) Boiler
				and machinery insurance.
(11) Crime
				insurance.
(12) Any other
				insurance.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-6 - Contributions

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  20-42.5-2-1
Sec. 6.
(a)
				Contributions shall be established by the risk pool board of trustees based on
				all of the following factors:
(1) The funding
				level of the loss fund recommended by the risk pool's actuary in accordance
				with this rule. Contributions must be based on actuarial and financial
				assumptions regarding the risk pool's:
(A)
				participants' collective loss experience;
(B) operating expenses;
(C) investment income;
(D) dividend:
(i) projections;
(ii) allocation formula; and
(iii) payment policy.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-7 - Duties of administrators

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC 27-7-2
Sec. 7.
(a) A risk
				pool administrator shall maintain the following:
(1) Loss data and coverage information for
				each individual risk pool participant in a risk pool on a year to year basis
				and provide loss data and coverage information to current and former risk pool
				participants upon reasonable notice.
(2) Accounting records so that the total of
				assets, liabilities, surplus, and expenses whether actual, unpaid, accrued, or
				reserved are updated and maintained on a fiscal year basis and, using a formula
				developed by the risk pool, allocated among risk pool participants. The total
				surplus and liability for each risk pool participant for each year of pool
				participation shall:
(A) be calculable using
				the formula developed by the risk pool; and
(B) represent the retained risk potential and
				total estimated assessment, should it ultimately be declared, of each risk pool
				participant for the years the risk pool participant was a member of the risk
				pool.
(3) On an annual
				basis, an estimate of the amount of each risk pool participant's total
				individually accrued liability to the risk pool and the potential assessment
				for the period of time the risk pool participant is or was a member in the risk
				pool.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-8 - Filings

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  27-1-3-13
Sec. 8.
(a) A risk
				pool shall file an annual report with the commissioner by March 1 of the year
				following the end of the risk pool's fiscal year. The report shall be verified
				by the oath of the chair of the board of trustees. The report must summarize
				the business activities of the trust for the immediately preceding year and
				must contain all of the following items:
(1)
				Management discussion and analysis.
(2) Financial statements.
(3) A rate and reserve analysis prepared and
				certified by a qualified actuary, or other professional approved by the
				commissioner, that states the following:
(A)
				The risk pool is being operated in accordance with sound actuarial
				principles.
(B) A description and
				explanation of actuarial:
(i) assumptions;
				and
(ii) methods.
(C) The risk pool maintains a stop
				loss, reinsurance, or excess insurance policy with an aggregate retention of
				not more than one hundred twenty-five percent (125%) of the amount of expected
				claims for the following year.
(4) If the risk pool has been examined by a
				regulatory authority, the report shall:
(A)
				identify the entity that conducted the examination; and
(B) include a copy of the examination
				report.
(5) The risk
				pool's contribution and rating plan, as required by section 6 of this
				rule.
(6) The names and addresses
				of all risk pool participants.
(7)
				Any material changes to the initial application for the certificate of
				registration.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-9 - Examinations

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  20-42.5-2-1;
				  IC 27-1-3.1
Sec. 9.
(a) The
				commissioner or any person appointed by the commissioner shall have the power
				to examine the affairs of any registered risk pool, or an applicant for
				registration, and for such purposes shall have free access to all the books,
				records, and documents that relate to the business of the plan and may examine
				under oath its:
(1) trustees or
				directors;
(2)
				administrators;
(3)
				officers;
(4) agents; and
(5) employees;
in relation to the affairs, transactions, and conditions of
				  the risk pool. The costs and expenses of the examination shall be paid by the
				  risk pool. The examination shall be conducted in accordance with IC 27-1-3.1
				  and may cover financial or market conduct issues.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-10 - Enforcement

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC 4-21.5-3; IC 4-21.5-5; IC
				  27-4-1-4.5
Sec. 10.
(a) The
				commissioner may deny, suspend, or revoke a certificate of registration if the
				commissioner finds that the risk pool has failed to meet the requirements of
				this rule or any applicable statute. If a risk pool's certificate of
				registration is denied, suspended, or revoked under this subsection, the
				commissioner shall notify the risk pool and advise the risk pool in writing of
				the reasons for the denial, suspension, or revocation. Not later than sixty
				(60) days after receiving a notice from the commissioner under this subsection,
				the risk pool may make a written demand upon the commissioner for a hearing to
				determine the reasonableness of the commissioner's action. The hearing shall
				be:
(1) held within sixty (60) days from the
				date of receipt of the written demand of the risk pool; and
(2) conducted in accordance with IC 4-21.5-3.
A final order of the commissioner is a final order subject to
				  judicial review under IC 4-21.5-5.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-11 - Withdrawal

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  20-42.5-2-1
Sec. 11.
(a) A risk
				pool participant may withdraw from a risk pool under the following conditions:
(1) The risk pool participant has fulfilled
				any minimum time commitment required under the initial participation
				agreement.
(2) The risk pool
				participant provides written notice to the risk pool of its intent to
				withdraw.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-12 - Termination

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  20-42.5-2-1
Sec. 12.
If a risk pool is terminated for any reason, the trust may
				  not be dissolved until all outstanding financial obligations of the risk pool
				  are paid. The risk pool shall retain sufficient funds to provide coverage for
				  an additional period as the trustees of the risk pool consider prudent. The
				  trustees may purchase additional insurance for protection against potential
				  future claims. Any funds remaining in the risk pool after satisfaction of all
				  obligations must be paid to risk pool participants in an equitable manner
				  approved by the commissioner.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-13 - Liability of risk pool participants

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  20-42.5-2-1
Sec. 13.
(a) The
				liability of each risk pool participant for the obligations of the risk pool is
				joint and several.
(b) Each risk
				pool participant has a contingent assessment liability under this section for
				payment of actual losses and expenses incurred during participation in the risk
				pool.
(c) Each participation
				agreement issued by the risk pool must contain a statement of the contingent
				liability of risk pool participants as required by section 14 of this rule.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-14 - Written notice

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  20-42.5-2-1
Sec. 14.
(a) The
				application for participation and the participation agreement must contain the
				following statement: "This is a fully assessable contract. In the event (the
				Risk Pool) is unable to pay its obligations, participating members will be
				required to contribute through an equitable assessment the money necessary to
				meet any unfulfilled obligations.".
(b) Every application and coverage form must
				contain the following notice: "Your coverage is issued by a Risk Pool. The Risk
				Pool is regulated by the Indiana Department of Insurance. State insurance
				guaranty funds are not available for your Risk Pool.".
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-15 - Fees

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  27-1-3-28
Sec. 15.
(a) The
				following fees apply to risk pools:
(1) An
				applicant shall pay a nonrefundable fee of three hundred fifty dollars ($350)
				for filing an application for a certificate of registration.
(2) Each risk pool holding a certificate of
				registration shall pay an annual internal audit fee of two hundred fifty
				dollars ($250).
(3) An annual
				report fee of one hundred dollars ($100) shall accompany the filing of the
				annual report required by section 8 of this rule.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-16 - Transparency of vendors

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC 4-21.5-3
Sec. 16.
(a) All
				vendors providing services to the risk pool shall fully and completely disclose
				to the risk pool any and all compensation received by the vendor associated
				with the services provided by the vendor to the risk pool. The disclosure shall
				be:
(1) in writing; and
(2) delivered to the risk pool annually on or
				before March 1.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 75 - School Trusts › Section 75-17 - Severability

Current through July 10, 2024
Authority: IC
				  20-42.5-2-1
Affected: IC
				  20-42.5-2-1
Sec. 17.
If:
(1) any section
				or portion of a section of this rule; or
(2) its applicability to any person or
				circumstance;
is held invalid by a court, the remainder of the rule or the
				  applicability of the provision to other persons or circumstances shall not be
				  affected.