Section 760 IAC 1-7-2 - Qualification of insurer; factorsAuthority: IC 27-1-3-7
Affected: IC 27-1-5-1
Sec. 2.
Qualifications of Insurer. No insurance company shall issue or deliver Class I(c) Contracts within this State unless and until it shall have qualified, to the reasonable satisfaction of the Department, to issue or deliver such contracts. In any determination of the qualifications of a company, the following factors shall be considered:
(a) the history, financial status and reputation of the company(b) the character and competence of the directors and officers of the company(c) whether, in the case of a company not organized under the laws of the State of Indiana, the regulation provided by the laws of its domicile provides a degree of protection to the public and to holders of its contracts substantially equal to that provided by the laws of this state and the rules and regulations issued by the Department pursuant thereto.Department of Insurance; Reg 7,II; filed Feb 3, 1964, 9:40 am: Rules and Regs. 1965, p. 96; filed Mar 18, 1970, 10:20 am: Rules and Regs. 1971, p. 205; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 530; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFAReadopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA