Sec. 24. (a) Each small employer insurer shall maintain an actuarial certification verifying that the insurer is in compliance with this chapter and that the rating methods of the insurer are actuarially sound. A copy of the certification shall be retained by the insurer at the insurer’s principal place of business for three (3) years.

     (b) Before March 1 of each year, each small employer insurer shall submit to the department a copy of the actuarial certification maintained under subsection (a).

As added by P.L.127-1992, SEC.1. Amended by P.L.190-1996, SEC.5.

Terms Used In Indiana Code 27-8-15-24

  • actuarial certification: means a written statement by a member of the American Academy of Actuaries that a small employer insurer is in compliance with section 16 of this chapter, based upon the person's examination, including a review of the appropriate records and of the actuarial assumptions and methods utilized by the insurer in establishing premium rates for applicable health insurance plans. See Indiana Code 27-8-15-3
  • department: refers to the department of insurance. See Indiana Code 27-8-15-8
  • insurer: means any person who provides health insurance in Indiana. See Indiana Code 27-8-15-10
  • small employer: means any person, firm, corporation, limited liability company, partnership, or association actively engaged in business who, on at least fifty percent (50%) of the working days of the employer during the preceding calendar year, employed at least two (2) but not more than fifty (50) eligible employees, the majority of whom work in Indiana. See Indiana Code 27-8-15-14
  • small employer insurer: means any insurer that offers a health insurance plan covering the employees of a small employer. See Indiana Code 27-8-15-15
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
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