2014 Indiana Code TITLE 27. INSURANCE ARTICLE 1. DEPARTMENT OF INSURANCE CHAPTER 1. DEPARTMENT CREATED
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IC 27
TITLE 27. INSURANCE
IC 27-1
ARTICLE 1. DEPARTMENT OF INSURANCE
IC 27-1-1
Chapter 1. Department Created
IC 27-1-1-1
Creation; functions
Sec. 1. There is hereby created a department in the state
government of the state of Indiana which shall be known as the
department of insurance. Said department shall have charge of the
organization, supervision, regulation, examination, rehabilitation,
liquidation, and/or conservation of all insurance companies to which
this title is applicable, shall have charge of the enforcement,
administration, and execution of the provisions of this title and the
provisions of any other statute applicable to insurance companies, to
the insurance department, or to the insurance commissioner, and shall
exercise such other powers and perform such other duties as may at
any time be imposed or conferred on the department by law.
Wherever by any of the provisions of any statute any right, power, or
duty is imposed or conferred on the department, the right, power, or
duty so imposed or conferred shall be possessed and exercised by the
insurance commissioner, unless otherwise provided in that statute, or
unless any such right, power, or duty is delegated to the duly
appointed deputies, assistants, or employees of the department, or any
of them, by an appropriate rule or order of the insurance
commissioner.
(Formerly: Acts 1945, c.351, s.1.) As amended by P.L.252-1985,
SEC.1.
IC 27-1-1-2
Insurance commissioner
Sec. 2. (a) The powers, duties, management and control of the
department of insurance are hereby conferred on and vested in the
"insurance commissioner". The insurance commissioner shall be
appointed by the governor, and shall be familiar with and known to
possess a knowledge of the subject of insurance and be skilled in
matters pertaining thereto and shall be chosen solely for fitness,
irrespective of political beliefs or affiliations. The commissioner shall
serve and may be removed at the pleasure of the governor, and shall
be the chief executive and administrative officer of the department.
The commissioner shall take an oath of office and give bond in the
sum of fifty thousand dollars ($50,000) with surety to be approved by
the governor for the faithful performance of his duties.
(b) The commissioner is authorized to attend and participate in the
meetings of the national convention of insurance commissioners and
of the committees thereof and may require the deputies, actuaries,
and assistants that the commissioner may designate to attend and
participate in such meetings. If the commissioner deems it advisable,
the commissioner may request the attorney general or a deputy
attorney general to attend and participate in such meetings. The
commissioner and the deputies, actuaries, assistants, and attorneys of
the department of insurance shall aid in promoting improvements in
the insurance laws and the uniformity thereof in the several states.
The expense of such attendance by the commissioner, and the
deputies, actuaries, assistants, and attorneys shall be paid by the
treasurer of state upon the warrant of the commissioner certifying that
the commissioner has examined and approved the charges for such
expenses.
(Formerly: Acts 1945, c.351, s.2; Acts 1959, c.351, s.1.) As amended
by P.L.100-2012, SEC.62.
IC 27-1-1-3
Personnel
Sec. 3. The commissioner shall appoint a chief deputy, an actuary,
a securities deputy, and such other deputies, examiners, assistants and
other employees as may be necessary to carry on the work of the
department. With respect to all of such positions, aptitude, previous
training and experience, intelligence and moral and physical
qualifications shall be carefully considered and such employees shall
be chosen for their fitness, either professional or practical, as the
nature of the position may require, irrespective of their political
beliefs or affiliations; it being the responsibility of the commissioner
to develop and maintain a highly trained and effective personnel
within the insurance department. The actuary of the department shall
have had at least five (5) years experience in a responsible actuarial
position in a life or casualty insurance company, in consulting
actuarial practice, or in a comparable actuarial position in a state or
federal agency; however, only two (2) years experience of the type
aforesaid shall be required (a) if the applicant is a fellow or associate
of the society of actuaries or the casualty actuarial society, or (b) if
said applicant has completed courses in actuarial mathematics or
theory in an accredited college or university. The technical or
professional qualifications of any applicant shall be determined by
examination, professional rating or otherwise, as the commissioner
shall determine. The securities deputy and any securities clerk shall
each give bond in the sum fixed by the governor, but not less than
twenty-five thousand dollars ($25,000) surety, for the faithful
performance of their duties.
(Formerly: Acts 1945, c.351, s.3; Acts 1959, c.351, s.2.) As amended
by P.L.100-2012, SEC.63.
IC 27-1-1-4
Repealed
(Repealed by P.L.100-2012, SEC.64.)
IC 27-1-1-5
Repealed
(Repealed by P.L.4-1988, SEC.17.)
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