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House Bill 1386

House Bill 1386

ARCHIVE (2002)

Latest Information

DIGEST OF HB1386 (Updated February 5, 2002 11:23 PM - DI 84)

Various insurance matters. Makes conforming amendments to sections of the Indiana Code that refer to insurance agents and limited insurance representatives. Provides for payment of advisor costs by regulated companies when the cost is statutorily required to be borne by the company. Imposes limits on the amount a domestic insurance company may invest in certain securities. Provides rule making authority for maintenance by a custodian of the securities of an insurance company. Amends the law concerning insurance administrators and provides for reciprocity in the licensure of insurance administrators. Provides that notice of nonrenewal of a commercial property and casualty insurance policy or an automobile insurance policy is not required if the insured is transferred to an affiliate of the insurer in certain circumstances. Replaces and repeals the current law concerning farm mutual insurance companies, providing for standard and extended farm mutual insurance companies. Amends the law concerning reinsurance intermediaries and provides for reciprocity in the licensure of reinsurance intermediaries. Amends the clean claims law that specifies the period within which the administrator of a state employee health benefit plan, an insurer, or a health maintenance organization must pay, deny, or notify a provider of claim deficiencies. Provides for treatment of a segregated investment account in the event of liquidation of an insurer. Deletes a provision requiring an annual report to the department of insurance concerning the county sheriff pension trust fund. Makes conforming amendments. Makes a technical change.
Current Status:
In Committee - 2nd House
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