Sec. 15. (a) The commissioner may adopt rules under IC 4-22-2 to implement this chapter.
(b) The rules adopted under subsection (a) may specify the following concerning limited purpose subsidiaries:
(1) Requirements for reserves, including actuarial certification.
(2) Requirements for securities.
(3) Authorized investments.
(4) Requirements with respect to reinsurance ceded or assumed by the limited purpose subsidiary.
(5) Requirements for dividends and distributions.
(6) Requirements for operations.
(7) Conditions of, forms for, and approval of the financing of a limited purpose subsidiary.
(c) The commissioner may adopt emergency rules under IC 4-22-2-37.1 to implement this section if the commissioner determines that:
(1) the need for a rule is so immediate and substantial that rulemaking procedures under IC 4-22-2-23 through IC 4-22-2-36 are inadequate to address the need; and
(2) an emergency rule is likely to address the need.
As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.6.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 12.1. Limited Purpose Subsidiary Life Insurance Companies
27-1-12.1-2. Limited Purpose Subsidiary
27-1-12.1-3. Organizing Domestic Life Insurance Company
27-1-12.1-6. Organization of Limited Purpose Subsidiary
27-1-12.1-7. Requirements for Assumption of Risk
27-1-12.1-8. Certificate of Authority; Conditions; Production and Disclosures to Commissioner
27-1-12.1-9. Authority of Limited Purpose Subsidiary
27-1-12.1-10. Investment of Organizing Domestic Life Insurance Company
27-1-12.1-11. Officers and Directors
27-1-12.1-12. Purchase of Reinsurance