Title 27, INSURANCE

Sec. 12. The department may in its discretion accept any examination of any insurance company made by the commissioners' convention or by the proper authority of the state in which a foreign or alien company is domiciled in lieu of the examination made under the provisions of thi…

Sec. 13. (a) Each company authorized to conduct business in Indiana and required to file an annual statement with the department under IC 27-1-20-21 shall submit the company's statement on the Annual Statement Blank prepared in accordance with Annual Statement Instructions, and f…

Sec. 14. If any domestic insurance company is insolvent, or in imminent danger of insolvency, or fails or suspends operation between the periods of examination authorized, it is a Class B misdemeanor for the highest officer then actively in charge of such domestic insurance compa…

Sec. 15. (a) Except as provided in subsections (f) and (h), the commissioner shall collect the following filing fees: Document Fee Articles of incorporation $ 350 Amendment of articles of incorporation $ 10 Filing of annual statement and consolidated statement $ 100 Annual renewa…

Sec. 16. All taxes provided by this article and all fees accruing to the department as provided in this article shall be paid into the state treasury monthly. Formerly: Acts 1935, c.162, s.23. As amended by P.L.252-1985, SEC.10; P.L.146-2015, SEC.2.

Sec. 18. It is a Class A misdemeanor for a person to knowingly solicit from any officer or employee of the department any money or other property for political assessments or contributions. Formerly: Acts 1935, c.162, s.25. As amended by Acts 1978, P.L.2, SEC.2705.

Sec. 19. (a) Whenever the commissioner determines that any insurance company to which this article is applicable: (1) is conducting its business contrary to law or in an unsafe or unauthorized manner; (2) has had its capital or surplus fund impaired or reduced below the amount re…

Sec. 2. Neither the insurance commissioner, during his term of office, nor any deputy, actuary, securities clerk, examiner or employee shall be directly or indirectly interested in any insurance company, except as an ordinary policyholder. Formerly: Acts 1935, c.162, s.9.

Sec. 20. (a) The commissioner may issue a certificate of authority to any company when it shall have complied with the requirements of the laws of this state so as to entitle it to do business in Indiana. The certificate shall be issued under the seal of the department authorizin…

Sec. 21. All rules, regulations, notices, orders, deeds, assignments and other instruments or documents issued, executed or promulgated by the department shall be executed in the name of "the department of insurance," on its behalf, by the insurance commissioner, or, in case of h…

Sec. 22. (a) As used in this section, "fraudulent insurance act" means: (1) the preparation or presentation of a written statement as part of, or in support of: (A) a fraudulent application for the issuance or rating of a policy of commercial insurance; or (B) a fraudulent claim …

Sec. 23. (a) For the purposes of this section, a party is "substantially justified" in initiating a civil action if the action had a reasonable basis in law or fact at the time the action was initiated. (b) If: (1) a person or entity referred to in section 22(d) of this chapter, …

Sec. 24. (a) As used in this section, "earned surplus" means an amount equal to the unassigned funds of an insurer as set forth in the most recent annual statement of the insurer that is submitted to the commissioner, excluding surplus arising from unrealized capital gains or rev…

Sec. 25. The department shall establish and maintain a procedure under which the department, at least one (1) time each year, reviews the ordinary shareholder dividends paid by each domestic insurer to determine whether dividends paid by the insurer are reasonable in relation to …

Sec. 26. The department shall establish and follow a practice under which the department issues an order to a domestic insurer to limit the payment of ordinary shareholder dividends by the insurer if the department determines that the surplus of the insurer as regards policyholde…

Sec. 27. The department shall establish and follow a practice under which the department issues an order to limit or disallow the payment of ordinary shareholder dividends by a domestic insurer if the domestic insurer is found to be financially distressed or troubled. As added by…

Sec. 28. (a) The department of insurance fund is established for the following purposes: (1) To provide supplemental funding for the operations of the department of insurance. (2) To pay the costs of hiring and employing staff. (3) To enable the department of insurance to maintai…

Sec. 29. (a) Except as otherwise provided by statute, a policy is enforceable against the insurer according to its terms, even if the policy exceeds the authority of the insurer. (b) A policy that violates a statute or rule is enforceable against the insurer as if the policy conf…

Sec. 3. The department of insurance shall have an official seal of such design as may be approved by the insurance commissioner. Formerly: Acts 1935, c.162, s.10.

Sec. 32. The department shall develop, post, and maintain on the department's Internet web site information related to life insurance, including the manner in which an individual may do the following: (1) Obtain information concerning the existence of a life insurance policy. (2)…

Sec. 33. The department shall develop, post, and maintain on the department's Internet web site information concerning the internal and external grievance procedures for accident and sickness insurance policies and health maintenance organization contracts. The department shall i…

Sec. 34. For purposes of this title, a person may use the following as proof of mailing: (1) A United States Postal Service intelligent mail bar code tracking record, as proof of the type of mailing to which the record applies. (2) A United States Postal Service certificate of ma…

Sec. 35. (a) The governor and the commissioner may apply to the United States Secretary of Health and Human Services for a waiver for state innovation under Section 1332 of the federal Patient Protection and Affordable Care Act (42 U.S.C. 18052). (b) If the waiver applied for und…

Sec. 36. (a) As used in this section, "prior authorization" means a practice implemented by a health plan through which coverage of a health care service is dependent on the covered individual or health care provider obtaining approval from the health plan before the health care …

Sec. 4. Every insurance company to which this article is applicable: (1) shall conduct and transact its business in a safe and prudent manner; (2) shall maintain such company in a safe and solvent condition; and (3) shall establish and maintain safe and sound methods for the cond…

Sec. 5. Copies of all certificates, documents, reports, or other papers lawfully received and filed by the department pursuant to this article or any other law of this state, when duly certified by the commissioner or any deputy and authenticated by the official seal of the depar…

Sec. 7. (a) The department may promulgate rules and regulations for any of the following enumerated purposes: (1) For the conduct of the work of the department. (2) Prescribing the methods and standards to be used in making the examinations and prescribing the forms of reports of…

Sec. 1. No domestic life insurance corporation shall make any disbursements unless the same be evidenced by a voucher signed by or on behalf of the person, firm, limited liability company, or corporation receiving the money and correctly describing the consideration for the payme…

Sec. 1. As used in this chapter: (a) "Commissioner" means the insurance commissioner of this state. (b) "Domestic insurer" means a stock insurance company organized under the laws of this state. (c) "Parent corporation" means a corporation organized for any purpose under the laws…

Sec. 2. (a) Any parent corporation may acquire all of the issued and outstanding voting stock of its subsidiary insurer not owned by the parent corporation in exchange for shares or other securities of the parent corporation, or cash, other consideration, or any combination of th…

Sec. 3. Within thirty (30) days after delivery of the plan of acquisition or an approved summary thereof to shareholders as provided in section 2 of this chapter, any shareholder of the subsidiary insurer may notify the subsidiary insurer in writing of the shareholder's dissent f…

Sec. 4. Notwithstanding a plan of acquisition effected pursuant to this chapter, the parent corporation and its subsidiary insurer shall in all respects stand before the law as separate and distinct corporations, with neither of the corporations having any liability to the credit…

Sec. 5. The method authorized by this chapter for acquiring voting stock of a subsidiary insurer is not exclusive, but is in addition to any other lawful method for the acquisition of such voting stock. Formerly: Acts 1973, P.L.278, SEC.1.

Sec. 1. It is hereby declared unlawful for any two (2) or more insurance companies writing the same class, or classes, of risks and doing business in this state, directly or indirectly, to enter into any arrangement, contract, agreement, understanding, combination or association …

Sec. 2. (a) It is unlawful for any insurance producer representing or acting for two (2) or more insurance companies writing the same class or classes, of risks to enter, either directly or indirectly, into any agreement, arrangement, contract or understanding with one (1) or mor…

Sec. 3. For violation of any provision of this chapter, the license of the offending company or insurance producer to transact the business of insurance within the state of Indiana shall be suspended for a period of three (3) years. Whenever information of any such violation shal…

Sec. 1. From and after April 1, 1963, any reciprocal exchange authorized to make insurance under the provisions of IC 27-1 may be authorized to reinsure any other reciprocal exchange or insurance company authorized to make insurance pursuant to the provisions of IC 27-1, under th…

Sec. 1. This chapter shall be known and may be cited as The Indiana Abstract and Title Insurance Law. Formerly: Acts 1937, c.104, s.1. As amended by P.L.252-1985, SEC.247.

Sec. 10. Whenever the amount of the title insurance reserve fund of any such company shall fall below the amount required in section 9 of this chapter, no further title insurance shall be made or issued by such company until the deficiency has been supplied. Formerly: Acts 1937, …

Sec. 11. The department shall permit such companies having on deposit with it stocks or bonds as security to collect the interest accruing on such deposits, delivering to their authorized agents, respectively, the coupons or other evidences of interest as the same become due. For…

Sec. 12. Every foreign corporation duly authorized to do a title insurance business in the state in which it is incorporated or organized and admitted to do business in this state under IC 23-1 may be authorized by the department to transact a title insurance business in this sta…

Sec. 13. (a) The department may examine into the affairs of any such company doing business in this state under the provisions of this chapter. For such purpose it may appoint as examiners competent persons, and upon such examination the commissioner, his deputy, or any examiner …

Sec. 14. (a) Every such company doing business in this state shall file with the department on or before March 15 in each year a financial statement for the year ending December 31 immediately preceding on forms furnished by the department. Such statement shall include a showing …

Sec. 15. The department shall collect the charges, fees and taxes provided for in this section, and give proper acquittances for the collection, and on or before the end of every calendar month shall pay into the state treasury the amounts collected by it during such month, as fo…

Sec. 16. (a) Whenever any domestic company desires to retire from the business provided for in this chapter, it shall furnish to the department satisfactory evidence that it no longer has outstanding any liability upon any policy of insurance made by it in the conduct of its busi…

Sec. 17. A person who recklessly violates this chapter or fails to fulfill any of the requirements of this chapter commits a Class B misdemeanor. Formerly: Acts 1937, c.104, s.17. As amended by Acts 1978, P.L.2, SEC.2724.