§ 27-1-36-46 — Comparison of insurer's total adjusted capital to RBC levels

Indiana § 27-1-36-46

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 36: Risk Based Capital Requirements

Text

(a) The comparison of an insurer's total
adjusted capital to any of its RBC levels is a regulatory tool that may
indicate the need for possible corrective action with respect to the
insurer and it is not intended as a means to rank insurers generally.
Except as provided in subsection (b), the action of an insurer, an
insurance producer, a broker, or other person engaged in any manner
in the insurance business, in:
(1) making, publishing, disseminating, circulating, or placing
before the public; or
(2) causing, directly or indirectly to be made, published,
disseminated, circulated, or placed before the public, in a
newspaper, magazine, or other publication, or in the form of a
notice, circular, pamphlet, letter, or poster, or over any radio or
television station, or in any other way;
an advertisement, an announcement, or a statement containing an
assertion, a representation, or a statement regarding the RBC level of
an insurer or any component derived in the calculation of the RBC
level of an insurer is misleading and is prohibited.
(b) If:
(1) a materially false statement with respect to the comparison
regarding an insurer's total adjusted capital to an RBC level of the
insurer or an inappropriate comparison of any other amount to the
insurer's RBC levels is published in any written publication; and
(2) the insurer is able to demonstrate to the commissioner with
substantial proof the:
(A) falsity; or
(B) inappropriateness;
of the statement;
the insurer may publish an announcement in a written publication if the
sole purpose of the announcement is to rebut the materially false
statement.

Legislative History

As added by P.L.186-1996, SEC.1. Amended by P.L.178-2003, SEC.31.