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TITLE 760 DEPARTMENT OF INSURANCE

Final Rule
LSA Document #10-661(F)

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.



SECTION 1. 760 IAC 2-21 IS ADDED TO READ AS FOLLOWS:

Rule 21. Opt Out of Interstate Insurance Product Regulation Compact


760 IAC 2-21-1 Definitions

Authority: IC 27-8-31-8
Affected: IC 27-8-31-3


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; filed Sep 28, 2011, 11:05 a.m.: 20111026-IR-760100661FRA)


760 IAC 2-21-2 Opt out

Authority: IC 27-8-31-8
Affected: 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; filed Sep 28, 2011, 11:05 a.m.: 20111026-IR-760100661FRA)


LSA Document #10-661(F)
Notice of Intent: 20101020-IR-760100661NIA
Proposed Rule: 20110713-IR-760100661PRA
Hearing Held: August 4, 2011
Approved by Attorney General: September 26, 2011
Approved by Governor: September 27, 2011
Filed with Publisher: September 28, 2011, 11:05 a.m.
Documents Incorporated by Reference: None Received by Publisher
Small Business Regulatory Coordinator: Meggan Brumbaugh, Department of Insurance, 311 West Washington Street, Suite 300, Indianapolis, IN 46204, (317) 232-0143, mbrumbaugh@idoi.in.gov

Posted: 10/26/2011 by Legislative Services Agency

DIN: 20111026-IR-760100661FRA
Composed: Apr 29,2024 2:26:06AM EDT
A PDF version of this document.