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Home » 2011 Issues » Weekly Report - 07/07/2011 to 07/13/2011 » 20110713-IR-760100661PRA 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...

  20110713-IR-760100661PRA 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

    Proposed Rule
    LSA Document #10-661

    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.




    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)


    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)



    Posted: 07/13/2011 by Legislative Services Agency

    DIN: 20110713-IR-760100661PRA
    Composed: Nov 01,2016 1:11:36AM EDT
    A PDF version of this document.
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Document Information

Rules:
760IAC2-21