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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

13 sections·Filtered byTitle 27✕Ch 23.5✕

Ind. Code § 27-1-23.5-1 Application of chapter
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Sec. 1. This chapter applies beginning January 1, 2015. As added by P.L.129-2014, SEC.8.
Ind. Code § 27-1-23.5-10 ORSA reports; requirements
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Sec. 10. (a) Upon the request of the commissioner, and not more than one (1) time per year, an insurer shall submit to the commissioner: (1) an ORSA summary report; or (2) a combination of reports that together contain the information described in the ORSA Manual; applicable to t…
Ind. Code § 27-1-23.5-11 Exemptions
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Sec. 11. (a) Except as otherwise provided in this section, an insurer is exempt from the requirements of this chapter if: (1) the insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsure…
Ind. Code § 27-1-23.5-12 ORSA summary report preparation, review
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Sec. 12. (a) Except as provided in subsection (b), an ORSA summary report must be prepared in a manner consistent with the ORSA guidance manual. Documentation and supporting information must be maintained and made available upon examination or request of the commissioner. (b) The…

Ind. Code § 27-1-23.5-13 Documents, materials, other information

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Sec. 13. (a) Documents, materials, and other information related to an ORSA, including an ORSA summary report, in the possession of or control of the department that are obtained by, created by, or disclosed to the commissioner or another person under this chapter, are: (1) consi…

Ind. Code § 27-1-23.5-14 Civil penalties

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Sec. 14. (a) An insurer that fails, without just cause (as determined by the commissioner), to timely file an ORSA summary report as required by this chapter shall, after notice and hearing under IC 4-21.5, pay a civil penalty of one hundred dollars ($100) for each day of noncomp…

Ind. Code § 27-1-23.5-2 Definitions

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Sec. 2. Except as otherwise provided in this chapter, the definitions in IC 27-1-23 apply throughout this chapter. As added by P.L.129-2014, SEC.8.

Ind. Code § 27-1-23.5-3 "Insurance group"

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Sec. 3. As used in this chapter, "insurance group", for purposes of conducting an ORSA, means insurers and affiliates of an insurance holding company system (as defined in IC 27-1-23-1). As added by P.L.129-2014, SEC.8.

Ind. Code § 27-1-23.5-4 "Insurer"

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Sec. 4. As used in this chapter, "insurer" has the same meaning as set forth in IC 27-1-2-3, except that the term: (1) refers only to domestic insurers (as defined in IC 27-1-36-8); and (2) does not include agencies, authorities, or instrumentalities of the United States, possess…

Ind. Code § 27-1-23.5-5 "ORSA"

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Sec. 5. As used in this chapter, "ORSA" or "own risk and solvency assessment" means a confidential internal assessment: (1) that is: (A) appropriate to the nature, scale, and complexity of; and (B) conducted by; an insurer or insurance group; and (2) of the: (A) material and rele…

Ind. Code § 27-1-23.5-7 "ORSA summary report"

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Sec. 7. As used in this chapter, "ORSA summary report" means a confidential, high level summary of an insurer or insurance group's ORSA. As added by P.L.129-2014, SEC.8.

Ind. Code § 27-1-23.5-8 Risk management framework

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Sec. 8. (a) An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting concerning the insurer's material and relevant risks. (b) If an insurance group of which an insurer is a member maintains a ris…

Ind. Code § 27-1-23.5-9 Conducting an ORSA

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Sec. 9. Subject to section 11 of this chapter, an: (1) insurer; or (2) insurance group of which an insurer is a member; shall, at any time when significant changes occur to the risk profile of the insurer or insurance group and at least one (1) time per year, conduct an ORSA in a…