Sec. 2. (a) The powers, duties, management and control of the department of insurance are hereby conferred on and vested in the "insurance commissioner". The insurance commissioner shall be appointed by the governor, and shall be familiar with and known to possess a knowledge of the subject of insurance and be skilled in matters pertaining thereto and shall be chosen solely for fitness, irrespective of political beliefs or affiliations. The commissioner shall serve and may be removed at the pleasure of the governor, and shall be the chief executive and administrative officer of the department. The commissioner shall take an oath of office and give bond in the sum of fifty thousand dollars ($50,000) with surety to be approved by the governor for the faithful performance of his duties.
(b) The commissioner is authorized to attend and participate in the meetings of the national convention of insurance commissioners and
of the committees thereof and may require the deputies, actuaries,
and assistants that the commissioner may designate to attend and
participate in such meetings. If the commissioner deems it advisable,
the commissioner may request the attorney general or a deputy
attorney general to attend and participate in such meetings. The
commissioner and the deputies, actuaries, assistants, and attorneys of
the department of insurance shall aid in promoting improvements in
the insurance laws and the uniformity thereof in the several states.
The expense of such attendance by the commissioner, and the
deputies, actuaries, assistants, and attorneys shall be paid by the
treasurer of state upon the warrant of the commissioner certifying
that the commissioner has examined and approved the charges for
(Formerly: Acts 1945, c.351, s.2; Acts 1959, c.351, s.1.) As amended by P.L.100-2012, SEC.62.
Sec. 3. The commissioner shall appoint a chief deputy, an actuary, a securities deputy, and such other deputies, examiners, assistants and other employees as may be necessary to carry on the work of the department. With respect to all of such positions, aptitude, previous training and experience, intelligence and moral and physical qualifications shall be carefully considered and such employees shall be chosen for their fitness, either professional or practical, as the nature of the position may require, irrespective of their political beliefs or affiliations; it being the responsibility of the commissioner to develop and maintain a highly trained and effective personnel within the insurance department. The actuary of the department shall have had at least five (5) years experience in a responsible actuarial position in a life or casualty insurance company, in consulting actuarial practice, or in a comparable actuarial position in a state or federal agency; however, only two (2) years experience of the type aforesaid shall be required (a) if the applicant is a fellow or associate of the society of actuaries or the casualty actuarial society, or (b) if said applicant has completed courses in actuarial mathematics or theory in an accredited college or university. The technical or professional qualifications of any applicant shall be determined by examination, professional rating or otherwise, as the commissioner shall determine. The securities deputy and any securities clerk shall each give bond in the sum fixed by the governor, but not less than twenty-five thousand dollars ($25,000) surety, for the faithful performance of their duties.
(Formerly: Acts 1945, c.351, s.3; Acts 1959, c.351, s.2.) As amended by P.L.100-2012, SEC.63.
(Repealed by P.L.100-2012, SEC.64.)