§ 27-8-31-13 — Commission finances

Indiana § 27-8-31-13

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 31: Interstate Insurance Product Regulation Compact

Text

(a) The commission shall pay or provide for
the payment of the reasonable expenses of the commission's
establishment and organization. To fund the cost of the commission's
initial operations, the commission may accept contributions and other
forms of funding from the NAIC, compacting states, and other sources.
Contributions and other forms of funding from other sources shall be
of such a nature that the independence of the commission concerning
the performance of the commission's duties is not compromised.
(b) The commission shall collect a filing fee from each insurer and
third party filer filing a product with the commission to cover the cost
of the operations and activities of the commission and the commission's
staff in an amount sufficient to cover the commission's annual budget.
(c) The commission's budget for a fiscal year may not be approved
until the commission's budget has been subject to notice and comment
as set forth in section 8(b) of this chapter.
(d) The commission is exempt from all taxation in and by the
compacting states.
(e) The commission shall not pledge the credit of any compacting
state, except by and with the appropriate legal authority of that
compacting state.
(f) The commission shall keep complete and accurate accounts of
all the commission's internal receipts, including grants and donations,
and disbursements of all funds under the commission's control. The
internal financial accounts of the commission are subject to the
accounting procedures established under the commission's bylaws. The
financial accounts and reports, including the system of internal controls
and procedures of the commission, shall be audited annually by an
independent certified public accountant. Upon the determination of the
commission, but not less frequently than every three (3) years, the
review of the independent auditor shall include a management and
performance audit of the commission. The commission shall make an
annual report, to the governor and legislature of the compacting states,
including a report of the independent audit. The commission's internal
accounts are not confidential and such internal account materials may
be shared with the commissioner of any compacting state upon request.
However, work papers related to internal or independent audit and
information regarding the privacy of individuals and proprietary
information of insurers, including trade secrets, is confidential.
(g) No compacting state shall have any claim to or ownership of any
property held by or vested in the commission or to any commission
funds held under the provisions of this compact.

Legislative History

As added by P.L.138-2005, SEC.3.