TITLE 760 DEPARTMENT OF INSURANCE
Proposed Rule
LSA Document #10-661
DIGEST
Adds
760 IAC 2-21 to opt out of the Interstate Insurance Product Regulation Compact with regard to long-term care insurance product uniform standards. Effective 30 days after filing with the Publisher.
Rule 21. Opt Out of Interstate Insurance Product Regulation Compact
Authority:
IC 27-8-31-8
Sec. 1. The following definitions apply throughout this rule:
(1) "Commission" means the interstate insurance product regulation commission established by IC 27-8-31-3.
(2) "Commissioner" means the commissioner of the department of insurance.
(3) "Legislature" means the Indiana general assembly.
(4) "Long-term care uniform standards" means a standard adopted by the commission for long-term care insurance products under IC 27-8-31-8.
(5) "State" means the state of Indiana.
(Department of Insurance; 760 IAC 2-21-1)
Authority:
IC 27-8-31-8
Sec. 2. (a) The commissioner has balanced, has considered, and finds that the conditions in the state and needs of the citizens of the state outweigh the following factors:
(1) The intent of the legislature to participate in, and the benefits of, an interstate agreement to establish national uniform consumer protections for long-term care uniform standards.
(2) The presumption that long-term care uniform standards adopted by the commission provide reasonable protections to consumers of the long-term care product.
(b) The state hereby opts out of the long-term care uniform standards.
(Department of Insurance; 760 IAC 2-21-2)
Posted: 07/13/2011 by Legislative Services Agency
DIN: 20110713-IR-760100661PRA
Composed: May 04,2024 5:09:00PM EDT
A
PDF version of this document.
