Section 760 IAC 2-11-1 - Modification or suspensionAuthority: IC 27-8-12-7
Affected: IC 4-21.5; IC 27-8-12
Sec. 1.
The commissioner may, upon written request and after a hearing under IC 4-21.5, issue an order to modify or suspend a specific provision or provisions of this article with respect to a specific long term care insurance policy, certificate, or subscriber agreement upon a written finding of the following:
(1) The modification or suspension would be in the best interest of the insureds.(2) The purposes to be achieved could not be effectively or efficiently achieved without the modification or suspension.(3) Any of the following are necessary:(A) The modification or suspension is necessary to the development of an innovative and reasonable approach for insuring long term care.(B) The policy, certificate, or subscriber agreement is to be issued to residents of a life care or continuing care retirement community or some other residential community for the elderly and the modification or suspension is reasonably related to the special needs or nature of such a community.(C) The modification or suspension is necessary to permit long term care insurance to be sold as part of, or in conjunction with, another insurance product.Department of Insurance; 760 IAC 2-11-1; filed Oct 30, 1992, 12:00 p.m.: 16 IR 865; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; 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-760190497RFAReadopted filed 11/30/2022, 11:39 a.m.: 20221228-IR-760220302RFA