Title 27, INSURANCE

Sec. 3. As used in this article, and unless a different meaning appears from the context: (a) "Insurance" means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upo…

Sec. 4. A person who recklessly violates the Indiana Insurance Law (chapters 2 through 20 of this article) commits a Class C infraction, except as otherwise provided. However, except as otherwise provided, the violation is a Class C misdemeanor if the person has a prior unrelated…

Sec. 1. (a) Every company created by special act of the general assembly of the state of Indiana for the purpose of transacting the business of insurance shall, on or before the third Monday of January of each year, furnish the insurance commissioner with a statement, verified by…

Sec. 2. The insurance commissioner shall charge and collect for the state of Indiana the sum of five dollars ($5) in each and every case for the examination of the charter and five dollars ($5) in each and every case for the examination of the statement and investigation of evide…

Sec. 1. Any insurance company organized and doing business under the laws of this state on what is known as the assessment plan, and having more than one thousand (1,000) members, and a reserve fund of not less than one hundred thousand dollars ($100,000), is authorized, subject …

Sec. 2. Before issuing any stock as provided in section 1 of this chapter, such company shall, at least four (4) weeks before the meeting provided for in this chapter, cause a printed notice of the time, place, and purpose of such meeting to be mailed to each of its members, and …

Sec. 3. Every person who is a member of such company on the day of such meeting shall, for thirty (30) days after the opening of subscription books as aforesaid, be entitled to subscribe to that proportionate number of shares of the capital stock, agreed upon to be issued, which …

Sec. 4. When all the stock shall have been subscribed to as provided in this chapter, the stockholders shall adopt by-laws for the government of such company not inconsistent with the laws of the state of Indiana, naming in the by-laws the number of directors, which shall not be …

Sec. 5. And thereupon, when all of said stock shall have been subscribed, a statement shall be filed with the secretary of state, and that officer shall give to such company a certificate of incorporation under the officer's seal of office, declaring the corporate name of such co…

Sec. 6. Said directors shall, upon the receipt by the company of said certificate of incorporation, immediately elect a president, vice-president, secretary and treasurer from their number, who shall be sworn to perform faithfully the duties of their respective offices, and who s…

Sec. 7. It shall not be obligatory upon any company, after the issuing of stock as aforesaid, to accept applications for insurance upon the mutual or assessment plan. Formerly: Acts 1895, c.158, s.7.

Sec. 8. No part of the assets now possessed by such company, or that shall be possessed at the time of the meeting at which it is determined to issue stock, or which may be acquired in the interim, shall be divided among the members of such company, or be expended, except for the…

Sec. 9. Such company shall, by its board of directors make a report, upon the first day of January of each year, of the condition of stock, showing the amount of capital stock, the number and amount of policies issued, the nature and kind of risks taken, the losses sustained, and…

Sec. 1. Every farm mutual insurance company authorized on or after March 11, 1955, to make the kinds of insurance and reinsurance permitted under and pursuant to the provisions of IC 27-5.1-2 is hereby authorized to write, make, or take, in addition to the kinds of reinsurance au…

Sec. 2. The rights and powers conferred in this chapter shall be supplemental and in addition to those conferred by law as of March 11, 1955, upon such farm mutual insurance companies. Formerly: Acts 1955, c.330, s.2. As amended by P.L.252-1985, SEC.212; P.L.129-2003, SEC.11.

Sec. 1.1. The purposes of this chapter are as follows: (1) To prohibit price fixing agreements and other anticompetitive behavior by companies. (2) To protect policyholders and the public against the adverse effects of excessive, inadequate, or unfairly discriminatory rates. (3) …

Sec. 1.2. This chapter applies to all persons, firms, partnerships, corporations, associations, and systems and to associations operating as Lloyds, interinsurers, or individual underwriters authorized on or after July 1, 1935, to transact the business of making worker's compensa…

Sec. 11. (a) In approving classifications, premiums, or rates, the department may in all cases consult with the worker's compensation board or member thereof. The department may also consult with the worker's compensation board or members thereof on any other matter arising under…

Sec. 12. The department may authorize any person to attend meetings of the rating bureau, hold hearings, make investigations, and make examinations with reference to any subject over which it has jurisdiction under this chapter. The person so appointed shall have all the powers o…

Sec. 15. The department shall after consultation with members of the bureau and after investigation approve a system of schedule rating for use in this state. Only the system filed by the bureau and approved by the department may be used in Indiana. Formerly: Acts 1935, c.323, s.…

Sec. 18. The physical impairment of employees shall not be taken into account in establishing rates or system of schedule or merit rating. Formerly: Acts 1935, c.323, s.18.

Sec. 2. As used in this chapter and unless a different meaning appears from the context: (a) "Department" means the department of insurance of this state. (b) "Worker's compensation board" means the worker's compensation board of Indiana. (c) "Company" means an insurance company …

Sec. 20. (a) Every company shall adhere to manual rules, policy forms, a statistical plan, a classification system, and experience rating plan filed by the bureau and approved by the commissioner. (b) The commissioner shall designate the bureau to assist in gathering, compiling, …

Sec. 20.1. Minimum premiums and rates may not be excessive, inadequate, or unfairly discriminatory. As added by P.L.249-1989, SEC.9.

Sec. 20.2. (a) Every company and the bureau shall file with the commissioner all minimum premiums, rates, and supplementary rate information that are to be used in Indiana. Such minimum premiums, rates, and supplementary rate information must be submitted to the commissioner at l…

Sec. 20.3. (a) Minimum premiums or rates may be disapproved at the following times: (1) At any time subsequent to the effective date. (2) Before the effective date. (b) Minimum premiums or rates may be disapproved for any of the following reasons: (1) If the company fails to comp…

Sec. 20.4. (a) A company or the bureau may not make any arrangement with any other company or other person that has the purpose or effect of restraining trade unreasonably or of substantially lessening competition in the business of insurance. (b) A company may not agree with any…

Sec. 24. Every person lawfully engaged wholly or in part in writing worker's compensation insurance in this state shall, upon July 1, 1935, by written notice to the insurance commissioner, appoint an individual resident of Indiana, a corporate resident of Indiana, or an authorize…

Sec. 25. The bureau shall procure annually from the department a license to carry on its business for which license a fee of one hundred dollars ($100) shall be paid to the state of Indiana through the insurance department of this state. The license year shall terminate on the th…

Sec. 27. (a) The courts of Marion County, Indiana, shall have jurisdiction in all matters arising under this chapter except such rulings by the department as are made final by this chapter. (b) Any order or decision of the commissioner made under this chapter is subject to review…

Sec. 28. From and after July 1, 1935, all insurance companies authorized to effect worker's compensation insurance in this state, and being members of the worker's compensation rating bureau of Indiana, shall insure and accept any worker's compensation risk tendered to and reject…

Sec. 28.1. (a) The assigned risk plan is established. (b) The bureau shall administer the assigned risk plan with the commissioner's approval. (c) All companies authorized to write worker's compensation insurance shall participate in the assigned risk plan providing for the equit…

Sec. 28.2. (a) The commissioner may examine any company, the bureau, or the assigned risk plan as the commissioner considers necessary to ascertain compliance with this chapter. (b) Every company, the bureau, and the assigned risk plan shall maintain reasonable records of the typ…

Sec. 29. (a) When any such rejected risk is called to the attention of the worker's compensation board and it appearing to the board that said risk is in good faith entitled to coverage, said bureau upon the order of the board shall fix the initial premium for the coverage. (b) U…

Sec. 3. After July 1, 1935, every insurance company authorized to effect worker's compensation insurance in this state shall be a member of the worker's compensation rating bureau of Indiana. The bureau shall be composed of all insurance companies lawfully engaged on July 1, 1935…

Sec. 3.1. The bureau, in addition to other activities not prohibited, is authorized to do the following: (1) Develop a statistical plan including class definitions. (2) Collect statistical data from members, subscribers or any other source. (3) Prepare and distribute rate data, a…

Sec. 30. The bureau shall, by July 31, 1935, make and adopt such rules as may be necessary to carry out the provisions of this chapter, subject to the approval of the insurance commissioner. Formerly: Acts 1935, c.323, s.30. As amended by P.L.252-1985, SEC.239.

Sec. 31. No employer who does not pay the advance premiums or premium when due, shall be entitled to insurance, nor shall any coverage be extended until all obligations to pay worker's compensation insurance premiums contracted during the previous twelve (12) months have been pai…

Sec. 32. In designating the bureau member to insure a rejected risk, the bureau shall have due regard for the service facilities and compensation premium volume in Indiana of the member so designated as the carrying company. Any grievance on the part of such bureau member with th…

Sec. 33. At any time while a policy, written pursuant to designation by the bureau, is in force, the carrying company, upon its own initiative, may make a further careful inspection of the risk for the purpose of measuring its hazards, making recommendation for the promotion of t…

Sec. 34. The management of the bureau shall furnish to all members of the bureau complete information concerning each rejected risk and any member of such bureau may write any rejected risk as regular business in which event the risk so written shall no longer be treated as provi…

Sec. 35. The bureau shall keep a record of all risks referred to members as carrying company, coming within the provisions of section 29 of this chapter, and this record shall be open to any bureau member or its authorized representative. Any member may at any time write as regul…

Sec. 37. (a) If, after the issuance of a policy, it develops that an employer is not or ceases to be in good faith entitled to compensation insurance, the carrying company which issued the policy shall have the right, upon authorization of the bureau and the worker's compensation…

Sec. 37.5. (a) Nothing in this chapter prohibits or regulates the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by companies to their policyholders, members, or subscribers, but in the payment of such dividends there shall be no unfair discrimi…

Sec. 38. (a) A person who fails to comply with this chapter or fails to comply with any lawful order or ruling made by the department in the administration of this chapter commits a Class C infraction. If a person is fined for violating this section and fails to pay the fine with…

Sec. 39. The commissioner shall appoint such deputies, examiners, actuaries, assistants, and other employees in the department of insurance as may be found necessary to carry out the provisions of this chapter and fix the compensation thereof, subject to the approval of the state…