"This pro-growth, pro-jobs bill will allow Hoosier insurers to expand their business both inside and outside of Indiana.
"The majority of this bill pertains to departmental changes in accordance with the National Association of Insurance Commissioners' standards. It is a needed law," said Rep. Lehman.
The NAIC's standards, in regards to licensing, allow insurers and independent claims adjusters to have reciprocity in other states. From this, Indiana businesses will be able to expand into more marketplaces outside of the state.
In addition, the law encourages foreign insurance companies to develop new investments in Indiana by removing portions of burdensome, collateralization language in current code. As other states such as New York, Florida and New Jersey move to take the same action, Indiana will be at the forefront to create a strong environment for growth.
"Both insurers and agencies will be given the most fair and competitive playing field on a regional and national stage to grow their business and hire Hoosiers," said Rep. Lehman.
"All of the regulatory changes enacted in this legislation provide opportunities for a business to create a more fluid and compact business model," said Rep. Lehman. "Indiana has once again proven it is a hospitable state for economic development."
This legislation will take effect July 1, 2011.