Notice of Public Hearing
Under IC 4-22-2-24
, notice is hereby given that on June 13, 2013, at 1:00 p.m., at the Department of Insurance, 311 West Washington Street, Suite 103, Indianapolis, Indiana, the Department of Insurance will hold a public hearing on a proposed rule to amend 760 IAC 1-56
regarding credit for reinsurance.
The proposed amendments add a process by which alien reinsurers may qualify to post reduced collateral to satisfy state credit for reinsurance standards that apply to U.S. cedents. The proposed amendments also include new notice requirements for ceding insurers concerning concentrations of risk and clauses required to be included in reinsurance agreements for ceding insurers to receive credit for reinsurance. The proposed amendments are based upon both amendments contained within P.L.81-2012 and amendments to a model regulation adopted by the National Association of Insurance Commissioners (NAIC). The amendments to the model regulation must be adopted in each state in order for that state to maintain its accreditation with the NAIC. States failing to maintain NAIC accreditation will subject domestic insurers to financial examinations from each of the other 49 NAIC accredited states.
Copies of these rules are available on the Department of Insurance's website at www.in.gov/idoi.
Copies of these rules are now on file at the Department of Insurance, 311 West Washington Street, Suite 103 and Legislative Services Agency, Indiana Government Center North, 100 North Senate Avenue, Room N201, Indianapolis, Indiana and are open for public inspection.
Stephen W. Robertson