Title 27, INSURANCE

Sec. 2. Every amendment to the articles of incorporation shall first be proposed by the board of directors, by the adoption of a resolution setting forth the proposed amendment and directing that it be submitted to a vote of the shareholders, members, or policyholders entitled to…

Sec. 3. (a) Except as provided in subsection (b), an amendment to the articles of incorporation so proposed shall be submitted to a vote of the shareholders, members, or policyholders at the annual or at the special meeting directed by the resolution of the board of directors pro…

Sec. 4. Upon the proposal and adoption of any amendment to the articles of incorporation, there shall be executed articles of amendment setting forth the following: (a) The amendment so adopted; (b) The manner of its adoption and the vote by which it was adopted; (c) In the case …

Sec. 5. The form of the articles of amendment shall be prescribed and furnished by the department. The articles of amendment shall be prepared and signed in triplicate originals by the president or a vice-president and by the secretary or an assistant secretary of the corporation…

Sec. 6. The department is hereby authorized to approve or disapprove such articles of amendment, and the approval of them, if given, shall be evidenced in the manner prescribed in IC 27-1-6-8. Formerly: Acts 1935, c.162, s.106. As amended by P.L.252-1985, SEC.34.

Sec. 7. In the event the department approves the articles of amendment, they shall then be submitted to the attorney general for the state of Indiana who shall examine said articles. And his approval, if given, shall be evidenced in the manner provided in IC 27-1-6-9, and he shal…

Sec. 8. When the articles of amendment have been approved by the attorney-general and returned to the department, then the department shall present the same to the secretary of state for the state of Indiana. If the secretary of state finds that the articles conform to law, he sh…

Sec. 9. When the provisions of sections 2 through 8 of this chapter have been complied with, then the commissioner may issue an amended certificate of authority, which shall license the company to transact the kind or kinds of insurance specified in its articles of incorporation …

Sec. 1. The insurance commissioner shall annually forward to all departments and divisions of the state requiring the posting of security because of motor vehicle accidents and resultant damage and loss a list of those insurers which are, or which are agreeable to be, examined by…

Sec. 1. Any person or persons, or any copartnership, company, or corporation organized under the laws of any other state than this state, or any foreign country, and engaged in the business of insuring plate glass, shall be allowed and permitted to do and transact such business i…

Sec. 0.1. (a) The amendments made to sections 4 and 7 of this chapter by P.L.163-1988 apply to cases involving an order of liquidation entered after June 30, 1988. For cases involving an order of liquidation entered before July 1, 1988, the laws that apply are sections 4 and 7 of…

Sec. 1. (Short Title) This chapter may be cited as the "Indiana Insurance Guaranty Association Law of 1971." Formerly: Acts 1971, P.L.390, SEC.1.

Sec. 10. (Effect of Paid Claims) (a) Any person recovering under this chapter shall be deemed to have assigned the person's rights under the policy to the association to the extent of the person's recovery from the association. Every insured or claimant seeking the protection of …

Sec. 11. (a) For purposes of this section, "coverage provided by any other insurance policy" includes: (1) coverage under an insured health plan, a health maintenance organization, a hospital plan corporation, a professional health service corporation, or a disability insurance p…

Sec. 11.5. (a) The association is not obligated to pay a first party claim by a high net worth insured described in section 4(a)(6)(A) of this chapter. (b) The association has the right to recover from a high net worth insured described in section 4(a)(6)(B) of this chapter all a…

Sec. 12. To aid in the detection and prevention of insurer insolvencies: (1) Every member insurer shall file with the NAIC for use in their Early Warning System on or before March 1 of each year a financial statement of the same type and content as required by IC 27-1-20-21. (2) …

Sec. 13. (Examination of the Association) The Association shall be subject to examination and regulation by the commissioner. The board of directors shall submit, not later than March 30th of each year, a financial report for the preceding calendar year in a form approved by the …

Sec. 14. (Tax Exemption) The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions except taxes levied on real or personal property. Formerly: Acts 1971, P.L.390, SEC.1.

Sec. 15. (a) Member insurers, which during any preceding calendar year shall have paid one (1) or more assessments levied pursuant to section 7 of this chapter, shall be allowed a credit against premium taxes, adjusted gross income taxes, or any combination thereof upon revenue o…

Sec. 16. (Immunity) There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors, or the commissioner or his representatives for any action taken by them …

Sec. 17. (Stay of Proceedings; Reopening of Default Judgments) All proceedings in which the insolvent insurer is a party or is obligated to defend a party in court in this state shall be stayed for up to six (6) months and such additional time thereafter as may be determined by t…

Sec. 18. The liquidator, receiver, or statutory successor of an insolvent insurer covered by this chapter shall permit access by the board or its authorized representative to such of the insolvent insurers records which are necessary for the board in carrying out its functions un…

Sec. 19. No person, including an insurer, insurance producer, or affiliate of an insurer, shall make, publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated or placed before the public, in any…

Sec. 2. (Purpose) The purpose of this chapter is to provide a mechanism for the payment of claims under certain insurance policies to avoid excessive delay in payment and to avoid excessive financial loss to claimants or policyholders because of the insolvency of an insurer, to a…

Sec. 20. (a) The association may join one (1) or more organizations of other state associations of similar purposes to further the purposes and administer the powers and duties of the association. The association may designate one (1) or more of these organizations to: (1) act as…

Sec. 3. This chapter applies to all kinds of direct insurance except: (1) life, annuity, health, or disability insurance; (2) mortgage guaranty, financial guaranty, or other forms of insurance offering protection against investment risks; (3) fidelity or surety bonds, or any othe…

Sec. 4. (a) As used in this chapter, unless otherwise provided: (1) The term "account" means any one (1) of the three (3) accounts created by section 5 of this chapter. (2) The term "association" means the Indiana Insurance Guaranty Association created by section 5 of this chapte…

Sec. 5. There is created a nonprofit unincorporated legal entity to be known as the Indiana Insurance Guaranty Association (referred to in this chapter as the "association"). All insurers defined as member insurers in section 4(a)(9) of this chapter shall be and remain members of…

Sec. 6. (a) The board of directors of the association shall consist of nine (9) persons serving terms as established in the association's plan of operation. The directors who represent member insurers must be selected by member insurers, subject to the approval of the commissione…

Sec. 7. (a) The association shall do all of the following: (1) Be obligated to pay covered claims existing before the order of liquidation, or arising within thirty (30) days after the order of liquidation, or before the policy expiration date if less than thirty (30) days after …

Sec. 8. (a)(i) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and amendments thereto shall become effectiv…

Sec. 9. (a) The commissioner shall: (i) Notify the association of the existence of an insolvent insurer not later than three (3) working days after the commissioner receives an order of liquidation. (ii) Upon request of the board of directors, provide the association with a state…

Sec. 1. Definitions. As used in this chapter: "Advertising" means any communication to the public the purpose of which is to convey information purporting to describe a legal insurance plan. "Commissioner" refers to the commissioner of insurance. "Department" refers to the depart…

Sec. 2. In addition to the other applicable provisions of IC 27, an insurer providing legal insurance must comply with the provisions of this chapter. As added by Acts 1978, P.L.129, SEC.2.

Sec. 3. Legal insurance may be issued to an individual or, as a group policy to: (1) ten (10) or more employees; or (2) ten (10) or more members of a trade or professional association, labor union, or any other association of members in the same or related occupation, profession,…

Sec. 4. The following may periodically pay to the insurer, as provided in the contract to insure, the premiums on a group legal insurance policy: (1) An employer for its employees. (2) An association for its members. (3) A labor union for its members. As added by Acts 1978, P.L.1…

Sec. 5. (a) A group policy must contain a provision that allows an insured member who no longer qualifies for group coverage to obtain an individual policy with similar coverage. (b) An individual desiring to obtain an individual policy as provided under subsection (a) must apply…

Sec. 6. An insurer shall issue an individual or master policy that serves as evidence of a contractual obligation. A certificate of coverage must be issued to each individual under a group policy. All such documents must be filed with the commissioner as required under this title…

Sec. 7. The commissioner may promulgate regulations under IC 4-22-2 that he considers necessary for the proper administration of this chapter. As added by Acts 1978, P.L.129, SEC.2.

Sec. 0.3. (a) The association's coverage obligations under this chapter with respect to a member insurer that has a coverage date before March 28, 2006, are not affected by changes made by P.L.193-2006. (b) The association's coverage obligations under this chapter with respect to…

Sec. 10. (a) Records must be kept of all meetings of the board to discuss the activities of the association in carrying out its powers and duties under sections 5, 5.2, and 5.4 of this chapter. Records of the association with respect to an impaired insurer or insolvent insurer mu…

Sec. 11. (a) Subject to subsections (b) through (d), if an order for liquidation or rehabilitation of a member insurer domiciled in Indiana has been entered, the receiver appointed under the order shall have a right to recover on behalf of the member insurer, from any affiliate t…

Sec. 12. (a) The association is subject to examination and regulation by the commissioner. The association shall annually submit to the commissioner, not later than one hundred twenty (120) days after the end of the association's fiscal year, a financial report in a form approved…

Sec. 13. The association is exempt from payment of all fees and all taxes levied by Indiana or any of its political subdivisions, except taxes levied on real property. As added by Acts 1978, P.L.129, SEC.3.

Sec. 14. (a) A member insurer and the member insurer's agents and employees, the association and the association's agents and employees, members of the board and representatives of the members of the board, and the commissioner and the commissioner's representatives are not liabl…

Sec. 15. All proceedings in which an insolvent insurer is a party in any court in Indiana shall be stayed for one hundred eighty (180) days from the date an order of liquidation is entered to permit proper legal action by the association on matters germane to its powers or duties…