Indiana: Multiple Bulletins and Circular Issued on 2007 Legislation

Providing guidance on insurance-related legislation passed by the General Assembly earlier this year, the Indiana Department of Insurance and Indiana Compensation Rating Bureau have issued bulletins and a circular to property/casualty insurers.

As a result of the passage of HB 1452, the IDOI issued Bulletins 149 and 152. Bulletin 149, Notice of Coverage, Reduction, Restriction or Removal, addresses Section 9 of the bill that requires personal lines insurers to notify insureds when coverage is reduced, restricted or removed by a rider or endorsement in homeowners’ policies. Another section of HB 1452, which deregulates commercial forms in Indiana, is dealt with by Bulletin 152, Notice of Commercial Coverage Change.

Language in HB 1452 also brought Indiana in line with the NAIC’s Uniform Producer Licensing Standards by making all producers’ licenses valid for two years versus the current four years. Bulletin 150, Changes to the Indiana Producer Licensing Requirement, outlines how that new provision will take effect in addition to other relevant changes.

Additionally, as a result of HB 1452, the ICRB provides workers’ compensation insurers guidance on the impact of the commercial form deregulation language and the changes to the second injury fund assessment formula in Circular 2007-05.

Another producer bulletin issued by the IDOI, but unrelated any new legislation, deals with the compliance of pre-licensing education materials. Bulletin 151, Indiana Insurance Producer Pre-licensing Education Materials Conditional Approval, is directed to all entities offering insurance producer pre-licensing courses and all candidates for a producer’s license.

Direct questions to NAMIC State Affairs Manager Tami Stanton.

Posted: Tuesday, June 26, 2007 12:00:00 AM. Modified: Tuesday, June 26, 2007 10:51:25 AM.

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