1. (a) This section applies to a rule that:

   1. (1) has been adopted under IC 4-22-2 or IC 13-14-9 ; and

   2. (2) has taken effect;

      after December 31, 2011.

2. (b) This section does not apply to a rule for which the OMB has not performed a cost benefit analysis under section 13(e) of this chapter.

3. (c) For each rule to which this section applies, the OMB shall perform a cost benefit analysis of the rule with respect to the period encompassing the first three (3) years following the rule's effective date. Except as otherwise required by the governor under subsection (g), the OMB shall submit a cost benefit analysis prepared under this section to:

   1. (1) the governor; and

   2. (2) the legislative council;

      not later than six (6) months after the third anniversary of the rule's effective date. The OMB shall submit the cost benefit analysis to the legislative council in an electronic format under IC 5-14-6 .

4. (d) A cost benefit analysis prepared under this section must include the following with respect to the three (3) year period covered by the analysis:

   1. (1) The cost benefit analysis for the rule prepared under section 13 of this chapter before the rule's adoption, including the following:

      1. (A) The information required by Financial Management Circular #2010-4.

      2. (B) The estimate of the primary and direct benefits of the rule, including the impact on:

         1. (i) consumer protection;
         2. (ii) worker safety;
         3. (iii) the environment; and

         4. (iv) business competitiveness;

            as determined before the rule's adoption.

      3. (C) The estimate of the secondary or indirect benefits of the rule and the explanation of how the conduct regulated by the rule is linked to the primary and secondary benefits, as determined before the rule's adoption.

      4. (D) The estimate of any cost savings to regulated persons (including individuals and businesses) as a result of the rule, including any savings from:

         1. (i) a change in an existing requirement; or

         2. (ii) the imposition of a new requirement;

            as determined before the rule's adoption.

   2. (2) A statement of the number of regulated persons, classified by industry sector, subject to the rule.

   3. (3) A comparison of:

      1. (A) the cost benefit analysis for the rule prepared under section 13 of this chapter before the rule's implementation, including the information specified in subdivision (1); and
      2. (B) the actual costs and benefits of the rule during the first three

      3. (3) years of the rule's implementation, including the following:

         1. (i) Any actual primary and direct benefits of the rule, including the rule's impact on consumer protection, worker safety, the environment, and business competitiveness.
         2. (ii) Any actual secondary or indirect benefits of the rule and an explanation of how the conduct regulated by the rule is linked to the primary and secondary benefits.
         3. (iii) Any actual cost savings to regulated persons (including individuals and businesses) as a result of the rule, including any savings from a change in an existing requirement or from the imposition of a new requirement.

      4. (4) For each element of the rule that is also the subject of restrictions or requirements imposed under federal law, a comparison of:

         1. (A) the restrictions or requirements imposed under the rule; and
         2. (B) the restrictions or requirements imposed under federal law.

      5. (5) Any other information that the governor or the legislative council:

         1. (A) requires with respect to a cost benefit analysis under this section; and
         2. (B) requests in writing.

5. (e) In preparing a cost benefit analysis under this section, the OMB shall consider in its analysis any verified data provided voluntarily by interested parties, regulated persons, and nonprofit corporations whose members may be affected by the rule. A cost benefit analysis prepared under this section is a public document, subject to the following:

   1. (1) This subsection does not empower the OMB or an agency to require an interested party or a regulated person to provide any materials, documents, or other information. If an interested party or a regulated person voluntarily provides materials, documents, or other information to the OMB or an agency in connection with a cost benefit analysis under this section, the OMB or the agency, as applicable, shall ensure the adequate protection of any:

      1. (A) information that is confidential under IC 5-14-3-4 ; or

      2. (B) confidential and proprietary business plans and other confidential information.

         If an agency has adopted rules to implement IC 5-14-3-4 , interested parties and regulated persons must submit the information in accordance with the confidentiality rules adopted by the agency to ensure proper processing of confidentiality claims. The OMB and any agency involved in administering the rule shall exercise all necessary caution to avoid disclosure of any confidential information supplied to the OMB or the agency by an interested party or a regulated person.

   2. (2) The OMB shall make the cost benefit analysis and other related public documents available to interested parties, regulated persons, and nonprofit corporations whose members may be affected by the rule at least thirty (30) days before presenting the cost benefit analysis to the governor and the legislative council under subsection (c).
6. (f) If the OMB or an agency is unable to obtain verified data for the cost benefit analysis described in subsection (d), the OMB shall state in the cost benefit analysis which data were unavailable for purposes of the cost benefit analysis.

7. (g) The governor or the legislative council, or both, may prescribe:

   1. (1) the form of a cost benefit analysis; and

   2. (2) the process, deadlines, and other requirements for submitting a cost benefit analysis;

      required under this section.

As added by P.L.131-2012, SEC.2. Amended by P.L.53-2014, SEC.50; P.L.5-2015, SEC.4.