760 Ind. Admin. Code 1-75-1

Current through December 12, 2024

Section 760 IAC 1-75-1 - Definitions

Authority: IC 20-42.5-2-1

Affected: IC 20-20-1; IC 27-1-34-1; IC 27-7-2-2

Sec. 1.

The following definitions apply throughout this rule:

(1) "Affiliate of" or "affiliated with" (a specific person) means a person that directly, or indirectly through one (1) or more intermediaries:

(A) controls;

(B) is controlled by; or

(C) is under common control with;

the person specified.

(2) "Commissioner" means the commissioner of the department of insurance.

(3) "Contributions" means monies contributed to the trust to fund payments for past, current, or future liabilities.

(4) "Department" means the Indiana department of insurance.

(5) "Educational service center" means an extended agency of school corporations established under IC 20-20-1.

(6) "Founding participants" means the original risk pool participants, including the following:

(A) Educational service centers.

(B) School corporations.

(C) Charter schools.

(7) "Fund balance" means the total assets in excess of total liabilities, except that assets pledged to secure debts not reflected on the books of the risk pool are not included in the fund balance. The term includes other:

(A) contributed capital;

(B) retained earnings;

(C) liquid capital; and

(D) loss fund assets.

(8) "ICRB" means the worker's compensation rating bureau of Indiana as defined in IC 27-7-2-2 and referenced throughout IC 27-7-2.

(9) "Loss fund" means a segregated fund consisting of amounts that may be utilized by the risk pool to satisfy section 3(d)(5) of this rule.

(10) "NAIC" means the National Association of Insurance Commissioners.

(11) "NAIC examiner's handbook" has the meaning set forth in IC 27-1-3.1-6[IC 27-1-3.1-6 was repealed by P.L. 124-2018, SECTION 3, effective July 1, 2018.].

(12) "Participation agreement" means the document pursuant to which a risk pool participant undertakes and agrees to fulfill obligations as a member of the risk pool.

(13) "Qualified actuary" means an actuary who:

(A) is not an employee of the risk pool, third party administrator, or trust administrator; and

(B) is:

(i) a fellow of the Society of Actuaries; or

(ii) a member of the:

(AA) Casualty Actuarial Society; and

(BB) American Academy of Actuaries.

(14) "Qualified financial institution" means an institution that:

(A) is a:

(i) national bank;

(ii) state bank; or

(iii) trust company;

that is a member of the Federal Reserve System;

(B) has been granted authority to operate with fiduciary powers; and

(C) is:

(i) regulated;

(ii) supervised; and

(iii) examined;

by federal or state authorities having regulatory authority over banks and trust companies.

(15) "Risk pool" means a trust created under Indiana law for the purpose of pooling risks of school corporations and educational service centers under the provisions of IC 20-42.5-2-1. A risk pool offering employee benefits that is registered under section 3 of this rule is not a multiple employer welfare arrangement as defined in IC 27-1-34-1.

(16) "Risk pool participant" means any participating member with coverage under the risk pool, including the following:

(A) Educational service centers.

(B) School corporations.

(C) Charter schools.

760 IAC 1-75-1

Department of Insurance; 760 IAC 1-75-1; filed Apr 14, 2008, 10:28 a.m.: 20080514-IR-760070144FRA

Readopted filed 11/17/2014, 3:39 p.m.: 20141217-IR-760140197RFA

Readopted filed 11/24/2020, 10:27 a.m.: 20201223-IR-760200464RFA