§ 27-8-31-4 — Commission powers

Indiana § 27-8-31-4

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

Text

The commission has the following powers:
(1) To adopt rules under section 8 of this chapter, which shall
have the force and effect of law and are binding in the compacting
states to the extent and in the manner provided in this compact.
(2) To exercise the commission's rulemaking authority and
establish reasonable uniform standards for products covered
under the compact and advertisement related to the products,
which shall have the force and effect of law and are binding in the
compacting states, but only for those products filed with the
commission. However, a compacting state has the right to opt out
of the uniform standard under section 8(d) of this chapter, to the
extent and in the manner provided in this compact, and any
uniform standard established by the commission for long term
care insurance products may provide the same or greater
protections for consumers as, but shall not provide less than, those
protections set forth in the NAIC's long term care insurance model
act and long term care insurance model regulation, respectively,
adopted as of 2001. The commission shall consider whether any
subsequent amendments to the NAIC long term care insurance
model act or long term care insurance model regulation adopted
by the NAIC require amending the uniform standards established
by the commission for long term care insurance products.
(3) To receive and review in an expeditious manner products filed
with the commission and rate filings for disability income and
long term care insurance products, and give approval of those
products and rate filings that satisfy the applicable uniform
standard, where the approval shall have the force and effect of
law and is binding on the compacting states to the extent and in
the manner provided in the compact.
(4) To receive and review in an expeditious manner advertisement
relating to long term care insurance products for which uniform
standards have been adopted by the commission, and give
approval to all advertisement that satisfies the applicable uniform
standard. For any product covered under this compact, other than
long term care insurance products, the commission has authority
to require an insurer to submit all or any part of the insurer's
advertisement with respect to that product for review or approval
before use, if the commission determines that the nature of the
product is such that an advertisement of the product could have
the capacity or tendency to mislead the public. The actions of the
commission as provided in this section shall have the force and
effect of law and are binding in the compacting states to the
extent and in the manner provided in the compact.
(5) To exercise the commission's rulemaking authority and
designate products and advertisement that may be subject to a
self-certification process without the need for prior approval by
the commission.
(6) To adopt operating procedures under section 8 of this chapter,
which shall have the force and effect of law and are binding in the
compacting states to the extent and in the manner provided in this
compact.
(7) To bring and prosecute legal proceedings or actions in the
commission's name as the commission, provided that the standing
of any state insurance department to sue or be sued under
applicable law shall not be affected.
(8) To issue subpoenas requiring the attendance and testimony of
witnesses and the production of evidence.
(9) To establish and maintain offices.
(10) To purchase and maintain insurance and bonds.
(11) To borrow, accept, or contract for services of personnel,
including employees of a compacting state.
(12) To hire employees, professionals, or specialists, elect or
appoint officers, and fix their compensation, define their duties,
give them appropriate authority to carry out the purposes of the
compact, determine their qualifications, and establish the
commission's personnel policies and programs relating to, among
other things, conflicts of interest, rates of compensation, and
qualifications of personnel.
(13) To accept any and all appropriate donations and grants of
money, equipment, supplies, materials, and services, and to
receive, use, and dispose of the same. At all times the commission
shall strive to avoid any appearance of impropriety.
(14) To lease, purchase, accept appropriate gifts or donations of,
or otherwise to own, hold, improve, or use any property, real,
personal, or mixed. At all times the commission shall strive to
avoid any appearance of impropriety.
(15) To sell, convey, mortgage, pledge, lease, exchange, abandon,
or otherwise dispose of any property, real, personal, or mixed.
(16) To remit filing fees to compacting states as may be set forth
in the bylaws, rules, or operating procedures.
(17) To enforce compliance by compacting states with rules,
uniform standards, operating procedures, and bylaws.
(18) To provide for dispute resolution among compacting states.
(19) To advise compacting states on issues relating to insurers
domiciled or doing business in noncompacting jurisdictions,
consistent with the purposes of this compact.
(20) To provide advice and training to those personnel in state
insurance departments responsible for product review, and to be
a resource for state insurance departments.
(21) To establish a budget and make expenditures.
(22) To borrow money.
(23) To appoint committees, including advisory committees,
comprising members, state insurance regulators, state legislators
or their representatives, insurance industry and consumer
representatives, and any other interested persons as may be
designated in the bylaws.
(24) To provide and receive information from and to cooperate
with law enforcement agencies.
(25) To adopt and use a corporate seal.
(26) To perform any other functions as may be necessary or
appropriate to achieve the purposes of this compact consistent
with the state regulation of the business of insurance.

Legislative History

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