760 IAC 1-7-1 Authority to promulgate rule; purpose and applicability of rule

Sec. 1. Authority and Purpose. Pursuant to the authority given by the Insurance Laws of the State of Indiana, particularly Acts 1935, Chapter 162, Section 14 [ IC 27-1-3-7], the Department of Insurance (the "Department") hereby makes and promulgates the following rules and regulations [ 760 IAC 1-7], declaring that the conduct or transaction of business by an insurance company subject to the laws of the State of Indiana in any manner contrary to these regulations [ 760 IAC 1-7] shall be deemed to be an unsafe manner, and that it is the purpose of these rules and regulations [ 760 IAC 1-7] to establish safe and sound methods for the transaction of the type of business to which they pertain. On and after the effective date hereof, these rules and regulations [ 760 IAC 1-7] shall apply to insurance companies issuing or delivering within this state contracts of the nature described in Class I(c) of Section 59 [ IC 27-1-5-1] of the Insurance Laws of the State of Indiana (hereinafter referred to as "Class I(c) Contracts").