Indiana Administrative Code Title 760 - DEPARTMENT OF INSURANCE
Indiana Administrative Code
Title 760 – Department of Insurance
Overview
Title 760 governs the Indiana Department of Insurance (IDOI), which regulates the insurance industry within Indiana. The Department ensures that insurance companies, agents, and brokers operate fairly and comply with state laws, protecting consumers and maintaining the financial stability of the insurance market.
The rules set forth in this title cover licensing, regulation, consumer protection, market conduct, and administrative procedures related to insurance.
Key Components of Title 760
1. Authority and Purpose
The Department of Insurance operates under the Indiana Insurance Code.
It is empowered to license insurance entities, enforce insurance laws, regulate insurance products, and protect policyholders.
Its primary goals include consumer protection, ensuring insurer solvency, and promoting fair competition.
2. Licensing and Registration
Rules governing the licensing process for:
Insurance companies.
Insurance producers (agents and brokers).
Adjusters and other insurance professionals.
Requirements include qualifications, examinations, continuing education, and renewal procedures.
Processes for suspension, revocation, or denial of licenses in cases of misconduct or non-compliance.
3. Insurance Policy Regulations
Procedures for the review and approval of insurance policy forms before use in Indiana.
Regulations on policy language to ensure clarity and fairness.
Guidelines for premium rates, including filing requirements and rate review procedures to prevent unfair pricing.
4. Consumer Protections
Standards for fair claims handling, including timely investigation and payment.
Rules prohibiting unfair or deceptive acts such as misrepresentation, rebating, and discrimination.
Privacy protections for insured individuals regarding their personal information.
Procedures for complaint resolution and consumer inquiries.
5. Market Conduct and Financial Oversight
Mandates for insurers to submit financial reports to ensure solvency and compliance.
Market conduct examinations to detect violations or unethical practices.
Enforcement actions against fraud, including investigations and penalties.
Monitoring of insurer reserves and risk management to protect policyholders.
6. Specific Insurance Lines
Regulations for various types of insurance, including:
Health insurance.
Life insurance and annuities.
Property and casualty insurance.
Rules concerning policy issuance, renewal, cancellation, and coverage terms.
7. Administrative Procedures
Procedures for hearings, appeals, and dispute resolution involving insurance matters.
Authority to subpoena witnesses and documents during investigations.
Requirements for public meetings, rulemaking processes, and recordkeeping.
8. Miscellaneous Provisions
Conflict of interest policies for insurance professionals.
Anti-discrimination rules applicable to insurance transactions.
Coordination with federal insurance regulations to ensure compliance.
Summary Table
| Section | Key Details |
|---|---|
| Authority & Purpose | Licensing, regulation, consumer protection |
| Licensing & Registration | Requirements for companies and agents |
| Policy Regulations | Review of policy forms, rate regulations |
| Consumer Protections | Claims handling, unfair practices, privacy |
| Market Conduct | Financial reporting, examinations, fraud enforcement |
| Insurance Lines | Rules for health, life, property & casualty insurance |
| Administrative Procedures | Hearings, subpoenas, appeals, rulemaking |
| Miscellaneous | Ethics, anti-discrimination, federal coordination |
Conclusion
Indiana Administrative Code Title 760 outlines the regulatory framework empowering the Department of Insurance to oversee and regulate insurance providers and professionals. The regulations aim to protect consumers, maintain insurer solvency, and foster a fair and competitive insurance market in Indiana.
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