Indiana § 27-8-31-2 - Definitions

§ 27-8-31-2. Definitions

Sec. 2. (a) The definitions in this section apply throughout this chapter.

(b) "Advertisement" means material designed to create public interest in a product or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, or retain a policy, as more specifically defined in the rules and operating procedures of the commission.

(c) "Bylaws" means bylaws established by the commission for the governance, direction, or control of the commission.

(d) "Commission" refers to the interstate insurance product regulation commission established by section 3 of this chapter.

(e) "Commissioner" means the chief insurance regulatory official of a state, including a commissioner, a superintendent, a director, or an administrator.

(f) "Compacting state" means a state that:

(1) has enacted this compact; and

(2) has not:

(A) withdrawn as provided in section 15 of this chapter; or

(B) been terminated as provided in section 16 of this chapter.

(g) "Domiciliary state" means the state in which an insurer is incorporated or organized, or the state of entry of an alien insurer.

(h) "Insurer" means an entity licensed by a state to issue contracts of insurance for the lines of insurance covered by this chapter.

(i) "Member" means the commissioner or the commissioner's designee.

(j) "NAIC" refers to the National Association of Insurance Commissioners.

(k) "Noncompacting state" means a state that is not a compacting state.

(l) "Operating procedures" mean procedures adopted by the commission to implement a rule, a uniform standard, or a provision of this compact.

(m) "Opt out" means any action by a compacting state to decline to adopt or participate in a promulgated uniform standard.

(n) "Product" means the form of a policy or contract, including an application, an endorsement, or a related form that is attached to and made a part of the policy or contract, and any evidence of coverage or certificate, for an individual or a group annuity, life insurance, disability income, or long term care insurance product that an insurer is authorized to issue in Indiana or another compacting state.

(o) "Rule" means a statement of general or particular applicability and future effect adopted by the commission, including a uniform standard developed under section 8 of this chapter, that has the full force and effect of law in the compacting states and:

(1) is designed to implement or interpret law or prescribe policy; or

(2) describes the organization, procedure, or practice requirements of the commission.

(p) "State" means a state, district, or territory of the United States.

(q) "Third party filer" means an entity that submits a product filing to the commission on behalf of an insurer.

(r) "Uniform standard" means a standard adopted by the commission for a product line under section 8 of this chapter. The term includes all the product requirements. However:

(1) each uniform standard shall be construed, whether express or implied, to prohibit the use of any inconsistent, misleading, or ambiguous provisions in a product; and

(2) the form of the product made available to the public shall not be unfair, inequitable, or against public policy as determined by the commission.

As added by P.L.138-2005, SEC.3.