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Member, Beacon International Group, Ltd.
INDIANAPOLIS--An omnibus insurance bill that would complete deregulation of commercial lines in Indiana is awaiting action by Gov. Mitch Daniels.
If enacted, H.B. 1452 would streamline the form approval process for commercial lines insurance by adopting an informational filing approach vs. the current use-and-file system, said Tami Stanton, central region state affairs manager for the National Assn. of Mutual Insurance Cos. Both are based in Indianapolis.
In addition, the bill that has received legislative approval would modify the basis on which insured employers are assessed for contributions to the state's Second Injury Fund. The legislation would base an insured employer's contribution on its direct written premium, instead of on the current base of the employer's entire written premium before deviations and discounts, according to the bill.
The bill also would increase most insurers' internal audit fees to $1,000 from $350 to provide the Indiana Insurance Department with additional revenue so it can hire additional staff, she said.
"It was a positive session last year," despite the fact that "Indiana led the nation in catastrophe losses last year because of a hailstorm," Ms. Stanton said. "We have completed modernization of commercial lines regulation."