Notice of Public Hearing
Under IC 4-22-2-24
, notice is hereby given that on June 13, 2013, at 2:00 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 1-15.1
regarding insurance holding company systems.
The proposed amendments require those insurers required to give prior notice of a proposed transaction in accordance with IC 27-1-23-4
to include certain information in cost-sharing and management services agreements and to provide additional information in the Form D filing. Insurers required to file a Form B holding company registration statement will be required to file additional information with this statement. Insurers will also be required to file a preacquisition notification (Form E) regarding the potential competitive impact of any proposed merger or acquisition by a nondomiciliary insurer doing business in Indiana or by a domestic insurer. Insurers filing a Form A statement concerning proposed acquisition of control will be required to also file an enterprise risk report (Form F). Insurers requesting approval of extraordinary dividends or any other extraordinary distribution to security holders must include additional information in such requests. The estimated costs imposed upon regulated entities by the proposed rule is expected to be minimal. The proposed amendments are based upon amendments contained within P.L.81-2012 and amendments to a model regulation adopted by the National Association of Insurance Commissioners (NAIC). This model regulation must be adopted by 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