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Indiana Statutes, Title 27

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Indiana/Statutes

← All Indiana coverage

Title 27, INSURANCE

344 chapters · 3,652 sections in this title.

All chapters in Title 273,652 Ch 1, Department Created215 Ch 2, Application of Article; Definitions199 Ch 3, General Powers and Duties of the Dep…199 Ch 4, Prohibited Activities106 Ch 6, Formation of Domestic Companies100 Ch 10, Voluntary Dissolution99 Ch 5, Classification of Insurance97 Ch 9, Merger, Consolidation, and Reinsurance97 Ch 8, Procedures for Amending Articles of …96 Ch 12, Life Insurance Company Powers and Po…92 Ch 7, General Corporate Powers and Respons…84 Ch 36, Risk Based Capital Requirements75 Ch 15, Participating Providers; Contracts a…68 Ch 13, Casualty, Fire, and Marine Insurance…66

15 sections·Filtered byTitle 27✕Ch 12.1✕

Ind. Code § 27-1-12.1-1 Affiliate
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Sec. 1. As used in this chapter, "affiliate" means a domestic life insurance company that is a wholly owned subsidiary of the parent of a limited purpose subsidiary. As added by P.L.11-2011, SEC.7.
Ind. Code § 27-1-12.1-10 Investment of organizing domestic life insurance company
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Sec. 10. An organizing domestic life insurance company may invest funds from the organizing domestic life insurance company's surplus in a limited purpose subsidiary that is organized by the organizing domestic life insurance company. As added by P.L.11-2011, SEC.7.
Ind. Code § 27-1-12.1-11 Officers and directors
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Sec. 11. The officers and directors of an organizing domestic life insurance company may serve as officers and directors of a limited purpose subsidiary organized by the organizing domestic life insurance company. As added by P.L.11-2011, SEC.7.
Ind. Code § 27-1-12.1-12 Purchase of reinsurance
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Sec. 12. A limited purpose subsidiary may, upon approval of the commissioner, purchase reinsurance to cede the reinsurance risks assumed by the limited purpose subsidiary. As added by P.L.11-2011, SEC.7.

Ind. Code § 27-1-12.1-13 Admitted assets

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Sec. 13. (a) If approved by the commissioner, the following are considered to be and must be reported as admitted assets of a limited purpose subsidiary: (1) Proceeds from a securitization, premiums, and other amounts payable by an affiliate to the limited purpose subsidiary. (2)…

Ind. Code § 27-1-12.1-14 Duties of limited purpose subsidiary

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Sec. 14. (a) A limited purpose subsidiary shall do the following: (1) Provide to the commissioner, not later than forty-five (45) days after the closing date of the transactions of an insurance securitization, a copy of a complete set of executed documentation of the insurance se…

Ind. Code § 27-1-12.1-15 Rules

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Sec. 15. (a) The commissioner may adopt rules under IC 4-22-2 to implement this chapter. (b) The rules adopted under subsection (a) may specify the following concerning limited purpose subsidiaries: (1) Requirements for reserves, including actuarial certification. (2) Requirement…

Ind. Code § 27-1-12.1-2 Limited purpose subsidiary

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Sec. 2. As used in this chapter, "limited purpose subsidiary" means a subsidiary life insurance company that is organized under this chapter. As added by P.L.11-2011, SEC.7.

Ind. Code § 27-1-12.1-3 Organizing domestic life insurance company

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Sec. 3. As used in this chapter, "organizing domestic life insurance company" refers to a life insurance company that organizes a limited purpose subsidiary under this chapter. As added by P.L.11-2011, SEC.7.

Ind. Code § 27-1-12.1-4 Parent

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Sec. 4. As used in this chapter, "parent" means a person that through at least one (1) intermediary wholly owns a limited purpose subsidiary. As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.1.

Ind. Code § 27-1-12.1-5 Risk

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Sec. 5. As used in this chapter, "risk" means a risk: (1) that is associated with a life insurance policy that is: (A) written by a ceding domestic life insurance company; or (B) assumed by a ceding domestic life insurance company from an affiliate; and (2) for which a ceding dom…

Ind. Code § 27-1-12.1-6 Organization of limited purpose subsidiary

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Sec. 6. A domestic life insurance company that is authorized to engage in the business of insurance in Indiana may organize a limited purpose subsidiary under this chapter. As added by P.L.11-2011, SEC.7.

Ind. Code § 27-1-12.1-7 Requirements for assumption of risk

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Sec. 7. Before assuming risk under a reinsurance contract, a limited purpose subsidiary must do all of the following: (1) Comply with IC 27-1-6. (2) File with the commissioner an affidavit, signed by the limited purpose subsidiary's president, vice president, treasurer, or chief …

Ind. Code § 27-1-12.1-8 Certificate of authority; conditions; production and disclosures to commissioner

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Sec. 8. (a) The commissioner may issue a certificate of authority to a limited purpose subsidiary upon a finding by the commissioner of all of the following: (1) That the proposed plan of operation provides for a viable operation of the limited purpose subsidiary. (2) That the te…

Ind. Code § 27-1-12.1-9 Authority of limited purpose subsidiary

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Sec. 9. A limited purpose subsidiary that is granted a certificate of authority by the commissioner under this chapter: (1) is authorized to engage in the business of reinsurance for purposes of IC 27-6-10.1 only for the lines of insurance for which the: (A) organizing domestic l…