Sec. 7. (a) The department may promulgate rules and regulations for any of the following enumerated purposes:
(1) For the conduct of the work of the department.
(2) Prescribing the methods and standards to be used in making the examinations and prescribing the forms of reports of the several insurance companies to which IC 27-1 is applicable.
(3) Defining what is a safe or an unsafe manner and a safe or an unsafe condition for conducting business by any insurance company to which IC 27-1 is applicable.
(4) For the establishment of safe and sound methods for the transaction of business by such insurance companies and for the purpose of safeguarding the interests of policyholders, creditors, and shareholders respecting the withdrawal or payment of funds by any life insurance company in times of emergency. Any rule or regulation promulgated under this subdivision may apply to one (1) or more insurance companies as the department may determine.
(5) For the administration and termination of the affairs of any such insurance company which is in involuntary liquidation or whose business and property have been taken possession of by the department for the purpose of rehabilitation, liquidation, conservation, or dissolution under IC 27-1.
(6) For the regulation of the solicitation or use of proxies, in general and as they concern consents or authorizations, in respect of securities issued by any domestic stock company for the purpose of protecting investors by prescribing the form of proxies, including such consents or authorizations, and by requiring adequate disclosure of information relevant to such proxies, including such consents or authorizations, and relevant to the business to be transacted at any meeting of shareholders with respect to which such proxies, including such consents or authorizations, may be used, which regulations may, in general, conform to those prescribed by the National Association of Insurance Commissioners.
(7) For regulation related to a health benefit exchange established under the federal Patient Protection and Affordable Care Act (P.L. 111-148), as amended by the federal Health Care and Education Reconciliation Act of 2010 (P.L. 111-152), and operating in Indiana.
(b) The department may adopt a rule under IC 4-22-2 to provide reasonable simplification of the terms and coverage of individual and group Medicare supplement accident and sickness insurance policies and individual and group Medicare supplement subscriber contracts in order to facilitate public understanding and comparison and to eliminate provisions contained in those policies or contracts which may be misleading or confusing in connection either with the purchase of those coverages or with the settlement of claims and to provide for full disclosure in the sale of those coverages.
Formerly: Acts 1935, c.162, s.14; Acts 1965, c.178, s.1. As amended by Acts 1978, P.L.2, SEC.2702; Acts 1980, P.L.168, SEC.1; Acts 1981, P.L.233, SEC.1; Acts 1982, P.L.159, SEC.1; P.L.114-1991, SEC.8; P.L.278-2013, SEC.19.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 3. General Powers and Duties of the Department
27-1-3-1. Exemption From Individual Liability
27-1-3-2. Conflicts of Interest
27-1-3-4. Business Practices of Insurance Companies
27-1-3-7. Rules and Regulations
27-1-3-10. Power to Revoke or Suspend Certificate of Authority
27-1-3-10.5. Disclosure of Information
27-1-3-11. Confidential Information
27-1-3-12. Acceptance of Examination Made by Another State
27-1-3-13. Blanks for Annual Statement; Separate Exhibit
27-1-3-14. Notice of Insolvency, Failure, or Suspension of Operations; Failure to Give Notice
27-1-3-15. Filing Fees; Collection
27-1-3-16. Disposition of Taxes and Fees Accrued
27-1-3-18. Solicitation for Political Assessments or Contributions; Violations
27-1-3-19. Order to Correct Improper Practices or Remedy Deficiencies; Actions to Compel Compliance
27-1-3-21. Execution of Instruments or Documents
27-1-3-22. Fraudulent Insurance Act; Definition; Liability
27-1-3-23. Civil Actions; Substantial Justification
27-1-3-24. Declaration of Dividend Other Than From Earned Surplus; Approval
27-1-3-25. Review of Ordinary Shareholder Dividends to Determine Reasonableness
27-1-3-26. Order to Limit Ordinary Shareholder Dividends
27-1-3-27. Order to Limit or Disallow Payment of Ordinary Shareholder Dividends
27-1-3-28. Department of Insurance Fund; Establishment; Deposits
27-1-3-29. Enforceability of Policies Exceeding Authority of Insurer or Violating Statute or Rule
27-1-3-32. Posting of Life Insurance and Other Financial Information
27-1-3-33. Publication of Grievance Related Information on Internet