Indiana Department of Insurance Releases Proposed Rules Regarding Standards for Financially Hazardous Companies and Treatment of Confidential Information

Today, the Indiana Department of Insurance released proposed rules regarding:

  1. the standards for companies deemed to be financially hazardous, and
  2. a process to allow the commissioner to determine whether certain information submitted to the department is confidential.

The proposed standards for financially hazardous companies rule “amends existing standards and adds new standards that the commissioner may consider and remedies which may be ordered if the commissioner determines that a company’s continued operation is hazardous to their policyholders, creditors, or the general public.”  The rule is based upon NAIC model language and is necessary for Indiana NAIC accreditation.

The proposed confidential information rule requires, in part, “a filer to demonstrate that the filing contains a trade secret, to submit an attestation by an officer that the filing contains a trade secret and that the filing has not been made public in any other state, and to submit a filing fee of $500. Filers must submit filings containing confidentiality requests separately from public filings.”  Additionally, “[t]he proposed amendments require a filer to provide the commissioner with additional information, if requested, within 10 business days. Insurers will be required to maintain the filings or supporting information for the time the filing is in public use.”

Public hearings on both proposed rules are scheduled within the next 30 days.

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