October 3, 2008

Senator R. Michael Young, Chairperson

Administrative Rules Oversight Committee

c/o Legislative Services Agency

200 West Washington Street, Suite 301

Indianapolis, Indiana 46204-2789

Attn: Sarah Burkman

RE: LSA Doc #08-58 – Consumer Protections in Annuity Transactions

Dear Senator Young:

On behalf of the Indiana Department of Insurance (Department), I am submitting this notice to the Administrative Rules Oversight Committee in compliance with IC 4-22-2-25, because the Department has determined that the promulgation of the captioned rule may not be completed within one year after publication of the Notice of Intent to Adopt a Rule. The Department published a Notice of Intent on January 30, 2008. Since that time, the rulemaking process stalled due to other issues. The Department expects to publish a proposed rule by October 31, 2008, and expects to hold a public hearing by December 1, 2008. In order to provide ample time to review comments received at the public hearing and for the appropriate review times, the Department expects to have the final rule approved by March 2, 2009.

The notice setting forth the expected date of approval of LSA Document #08-58 as March 2, 2009, is being submitted in a timely manner. October 6, 2008, is the two hundred fiftieth day after publication of the Notice of Intent to Adopt a Rule.

Sincerely,

Meggan J. R. Brumbaugh

Department of Insurance