Indiana Code 27-1-1.5-1. Amendment of referenced NAIC documents; reporting
(b) If a document described in subsection (a) to which a provision of this title refers is amended after the later of the date of publication of the version of the document that is referenced in this title or January 1, 2018, the commissioner shall, before implementing the amendment in the regulation of the business of insurance, report in an electronic format under IC 5-14-6 to the:
Terms Used In Indiana Code 27-1-1.5-1
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) standing committees of the house of representatives and the senate that consider insurance matters;
concerning the existence of the amendment.
(c) Upon reporting to the legislative council and standing committees under subsection (b), the commissioner may implement the reported amendment in the regulation of the business of insurance.
(d) Not later than October 31 of each year, the commissioner shall:
(1) compile a list of all amendments:
(A) described in subsection (b); and
(B) published after October 31 of the preceding year; and
(2) report the list to the legislative council and standing committees described in subsection (b) in an electronic format under IC 5-14-6.
As added by P.L.124-2018, SEC.1. Amended by P.L.10-2019, SEC.114.