§ 27-8-31-6 — Management committee; legislative committee; liability

Indiana § 27-8-31-6

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

Text

(a) A management committee comprising not
more than fourteen (14) members shall be established as follows:
(1) One (1) member from each of the six (6) compacting states
with the largest premium volume for individual and group
annuities, life, disability income, and long term care insurance
products, determined from the records of the NAIC for the prior
year.
(2) Four (4) members from those compacting states with at least
two percent (2%) of the market based on the premium volume
described in subdivision (1), other than the six (6) compacting
states with the largest premium volume, selected on a rotating
basis as provided in the bylaws.
(3) Four (4) members from those compacting states with less than
two percent (2%) of the market, based on the premium volume
described in subdivision (1), with one (1) selected from each of
the four (4) zone regions of the NAIC as provided in the bylaws.
(b) The management committee has the authority and duties as may
be set forth in the bylaws, including the following:
(1) Managing the affairs of the commission in a manner
consistent with the bylaws and purposes of the commission.
(2) Establishing and overseeing an organizational structure
within, and appropriate procedures for, the commission to provide
for the creation of uniform standards and other rules, receipt and
review of product filings, administrative and technical support
functions, review of decisions regarding the disapproval of a
product filing, and the review of elections made by a compacting
state to opt out of a uniform standard. However, a uniform
standard shall not be submitted to the compacting states for
adoption unless approved by two-thirds (2/3) of the members of
the management committee.
(3) Overseeing the offices of the commission.
(4) Planning, implementing, and coordinating communications
and activities with other state, federal, and local government
organizations to advance the goals of the commission.
(c) The commission shall annually elect officers from the
management committee, with each having the authority and duties as
may be specified in the bylaws.
(d) The management committee may, subject to the approval of the
commission, appoint or retain an executive director for the period,
upon the terms and conditions and for the compensation as the
commission considers appropriate. The executive director shall serve
as secretary to the commission but may not be a member of the
commission. The executive director shall hire and supervise any other
staff as may be authorized by the commission.
(e) A legislative committee comprised of state legislators or state
legislators' designees shall be established to monitor the operations of
and make recommendations to the commission, including the
management committee. However, the manner of selection and term of
any legislative committee member shall be as set forth in the bylaws.
Before the commission adopts any uniform standard, revision to the
bylaws, annual budget, or other significant matter as may be provided
in the bylaws, the management committee shall consult with and report
to the legislative committee. The commission shall establish two (2)
advisory committees, one (1) of which shall comprise consumer
representatives independent of the insurance industry and the other of
which shall comprise insurance industry representatives. The
commission may establish additional advisory committees as the
commission's bylaws may provide for the carrying out of the
commission's functions.
(f) The commission shall maintain its corporate books and records
in accordance with the bylaws.
(g) The members, officers, executive director, employees, and
representatives of the commission are immune from suit and liability,
either personally or in their official capacity, for any claim for damage
to or loss of property or personal injury or other civil liability caused by
or arising out of any actual or alleged act, error, or omission that
occurred, or that the person against whom the claim is made had a
reasonable basis for believing occurred, within the scope of
commission employment, duties, or responsibilities. However, nothing
in this subsection shall be construed to protect any person from suit or
liability for any damage, loss, injury, or liability caused by the
intentional or willful and wanton misconduct of the person.
(h) The commission shall defend any member, officer, executive
director, employee, or representative of the commission in any civil
action seeking to impose liability arising out of any actual or alleged
act, error, or omission that occurred within the scope of commission
employment, duties, or responsibilities, or that the person against
whom the claim is made had a reasonable basis for believing occurred
within the scope of commission employment, duties, or responsibilities.
However:
(1) nothing in this subsection shall be construed to prohibit that
person from retaining the person's own counsel; and
(2) this subsection applies only if the actual or alleged act, error,
or omission did not result from the person's intentional or willful
and wanton misconduct.
(i) The commission shall indemnify and hold harmless any member,
officer, executive director, employee, or representative of the
commission for the amount of any settlement or judgment obtained
against the person arising out of any actual or alleged act, error, or
omission that occurred within the scope of commission employment,
duties, or responsibilities, or that the person had a reasonable basis for
believing occurred within the scope of commission employment,
duties, or responsibilities. However, this subsection applies only if the
actual or alleged act, error, or omission did not result from the
intentional or willful and wanton misconduct of that person.

Legislative History

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