20121024-IR-760120464PHA Notice of Public Hearing LSA Document #12-464

TITLE 760 DEPARTMENT OF INSURANCE

Notice of Public Hearing LSA Document #12-464

Notice of Public Hearing

Under IC 4-22-2-24, notice is hereby given that on November 16, 2012, at 9:00 a.m., at the Department of Insurance, 311 West Washington Street, Suite 103, Indianapolis, Indiana, the Department of Insurance will hold a public hearing on a proposed rule to amend 760 IAC 1-53 regarding standards that the commissioner may use for identifying insurers found to be in such condition as to render the continuance of their business hazardous to their policyholders, creditors, or the general public.

The proposed rule amends existing standards and adds new standards that the commissioner may consider and remedies which may be ordered if the commissioner determines that a company's continued operation is hazardous to their policyholders, creditors, or the general public. The amendments also require a hearing to review such an order to be held in Marion County. The proposed amendments are based upon a model regulation adopted by the National Association of Insurance Commissioners (NAIC). This model regulation must be adopted by each state in order for that state to maintain its accreditation with the NAIC. States failing to maintain NAIC accreditation will subject domestic insurers to financial examinations from each of the other 49 NAIC accredited states.

Copies of these rules are available on the Department of Insurance's website at www.in.gov/idoi.

Copies of these rules are now on file at the Department of Insurance, 311 West Washington Street, Suite 103 and Legislative Services Agency, Indiana Government Center North, 100 North Senate Avenue, Room N201, Indianapolis, Indiana and are open for public inspection.

Stephen W. Robertson

Commissioner

Department of Insurance

Posted: 10/24/2012 by Legislative Services Agency

DIN: 20121024-IR-760120464PHA

Composed: Nov 01,2016 1:30:03AM EDT

A PDF version of this document.