20111026-IR-760100661FRA Adds 760 IAC 2-21 to opt out of the Interstate Insurance Product Regulation Compact with regard to long-term care insurance product uniform standards. Effective 30 days after filing with the Publishe...

TITLE 760 DEPARTMENT OF INSURANCE

Final Rule LSA Document #10-661(F)

DIGEST

Adds 760 IAC 2-21 to opt out of the Interstate Insurance Product Regulation Compact with regard to long-term care insurance product uniform standards. Effective 30 days after filing with the Publisher.

760 IAC 2-21

SECTION 1. 760 IAC 2-21 IS ADDED TO READ AS FOLLOWS:

Rule 21. Opt Out of Interstate Insurance Product Regulation Compact

760 IAC 2-21-1 Definitions

Authority: IC 27-8-31-8

Affected: IC 27-8-31-3

Sec. 1. The following definitions apply throughout this rule:

(1) "Commission" means the interstate insurance product regulation commission established by IC 27-8-31-3.

(2) "Commissioner" means the commissioner of the department of insurance.

(3) "Legislature" means the Indiana general assembly.

(4) "Long-term care uniform standards" means a standard adopted by the commission for long-term care insurance products under IC 27-8-31-8.

(5) "State" means the state of Indiana.

(Department of Insurance; 760 IAC 2-21-1; filed Sep 28, 2011, 11:05 a.m.: 20111026-IR-760100661FRA)

760 IAC 2-21-2 Opt out

Authority: IC 27-8-31-8

Affected: IC 27-8-31-8

Sec. 2. (a) The commissioner has balanced, has considered, and finds that the conditions in the state and needs of the citizens of the state outweigh the following factors:

(1) The intent of the legislature to participate in, and the benefits of, an interstate agreement to establish national uniform consumer protections for long-term care uniform standards.

(2) The presumption that long-term care uniform standards adopted by the commission provide reasonable protections to consumers of the long-term care product.

(b) The state hereby opts out of the long-term care uniform standards.

(Department of Insurance; 760 IAC 2-21-2; filed Sep 28, 2011, 11:05 a.m.: 20111026-IR-760100661FRA)

LSA Document #10-661(F)

Notice of Intent: 20101020-IR-760100661NIA

Proposed Rule: 20110713-IR-760100661PRA

Hearing Held: August 4, 2011

Approved by Attorney General: September 26, 2011

Approved by Governor: September 27, 2011

Filed with Publisher: September 28, 2011, 11:05 a.m.

Documents Incorporated by Reference: None Received by Publisher

Small Business Regulatory Coordinator: Meggan Brumbaugh, Department of Insurance, 311 West Washington Street, Suite 300, Indianapolis, IN 46204, [phone], [e-mail]

Posted: 10/26/2011 by Legislative Services Agency

DIN: 20111026-IR-760100661FRA

Composed: Nov 01,2016 1:15:30AM EDT

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