Sec. 15. (a) The commissioner may adopt rules under IC 4-22-2 to implement this chapter.

     (b) The rules adopted under subsection (a) may specify the following concerning limited purpose subsidiaries:

Terms Used In Indiana Code 27-1-12.1-15

  • Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
  • limited purpose subsidiary: means a subsidiary life insurance company that is organized under this chapter. See Indiana Code 27-1-12.1-2
(1) Requirements for reserves, including actuarial certification.

(2) Requirements for securities.

(3) Authorized investments.

(4) Requirements with respect to reinsurance ceded or assumed by the limited purpose subsidiary.

(5) Requirements for dividends and distributions.

(6) Requirements for operations.

(7) Conditions of, forms for, and approval of the financing of a limited purpose subsidiary.

     (c) The commissioner may adopt emergency rules under IC 4-22-2-37.1 to implement this section if the commissioner determines that:

(1) the need for a rule is so immediate and substantial that rulemaking procedures under IC 4-22-2-23 through IC 4-22-2-36 are inadequate to address the need; and

(2) an emergency rule is likely to address the need.

As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.6.

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