Indiana Code 27-8-31-1. Purpose
(1) promote and protect the interest of consumers of individual and group annuity, life insurance, disability income, and long term care insurance products;
Terms Used In Indiana Code 27-8-31-1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(3) establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one (1) or more compacting states;
(4) give appropriate regulatory approval to product filings and advertisements satisfying the applicable uniform standard;
(5) improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and review of insurance products covered under the compact;
(6) create the interstate insurance product regulation commission; and
(7) perform these and any other related functions as may be consistent with the state regulation of the business of insurance.
As added by P.L.138-2005, SEC.3.