§ 27-1-3-7 — Rules and regulations

Indiana § 27-1-3-7

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 3: General Powers and Duties of the Department

Text

(a) The department may promulgate rules and
regulations for any of the following enumerated purposes:
(1) For the conduct of the work of the department.
(2) Prescribing the methods and standards to be used in making
the examinations and prescribing the forms of reports of the
several insurance companies to which IC 27-1 is applicable.
(3) Defining what is a safe or an unsafe manner and a safe or an
unsafe condition for conducting business by any insurance
company to which IC 27-1 is applicable.
(4) For the establishment of safe and sound methods for the
transaction of business by such insurance companies and for the
purpose of safeguarding the interests of policyholders, creditors,
and shareholders respecting the withdrawal or payment of funds
by any life insurance company in times of emergency. Any rule or
regulation promulgated under this subdivision may apply to one
(1) or more insurance companies as the department may
determine.
(5) For the administration and termination of the affairs of any
such insurance company which is in involuntary liquidation or
whose business and property have been taken possession of by the
department for the purpose of rehabilitation, liquidation,
conservation, or dissolution under IC 27-1.
(6) For the regulation of the solicitation or use of proxies, in
general and as they concern consents or authorizations, in respect
of securities issued by any domestic stock company for the
purpose of protecting investors by prescribing the form of proxies,
including such consents or authorizations, and by requiring
adequate disclosure of information relevant to such proxies,
including such consents or authorizations, and relevant to the
business to be transacted at any meeting of shareholders with
respect to which such proxies, including such consents or
authorizations, may be used, which regulations may, in general,
conform to those prescribed by the National Association of
Insurance Commissioners.
(7) For regulation related to a health benefit exchange established
under the federal Patient Protection and Affordable Care Act (P.L.
111-148), as amended by the federal Health Care and Education
Reconciliation Act of 2010 (P.L. 111-152), and operating in
Indiana.
(b) The department may adopt a rule under IC 4-22-2 to provide
reasonable simplification of the terms and coverage of individual and
group Medicare supplement accident and sickness insurance policies
and individual and group Medicare supplement subscriber contracts in
order to facilitate public understanding and comparison and to
eliminate provisions contained in those policies or contracts which may
be misleading or confusing in connection either with the purchase of
those coverages or with the settlement of claims and to provide for full
disclosure in the sale of those coverages.
Formerly: Acts 1935, c.162, s.14; Acts 1965, c.178, s.1. As
amended by Acts 1978, P.L.2, SEC.2702; Acts 1980, P.L.168, SEC.1;
Acts 1981, P.L.233, SEC.1; Acts 1982, P.L.159, SEC.1; P.L.114-1991,
SEC.8; P.L.278-2013, SEC.19.