Title 27, INSURANCE

Sec. 13. If the state in which a foreign, new, surviving or accepting company, is incorporated or organized, shall require the maintenance with any official of such state of a deposit of the legal reserve on the policies so assumed and such foreign company shall maintain such dep…

Sec. 14. Whenever articles of merger, consolidation or reinsurance are filed with the department, there shall also be filed a certificate, executed by the president or a vice-president and attested by the secretary or an assistant secretary, and under the corporate seal of each o…

Sec. 15. (a) No director, officer, or member of any such corporation or corporations, except as fully expressed in the affidavits described in section 14 of this chapter, may receive any money or other property for aiding, promoting, or assisting in such a merger, consolidation, …

Sec. 2. Nothing contained in this chapter shall be construed to enlarge the corporate powers of any insurance company, nor to authorize any insurance company to engage in any kind or kinds of insurance business not authorized by its articles of incorporation, nor to authorize any…

Sec. 2.5. (a) As used in section 3 of this chapter, "participating shares" means shares that entitle the shareholders to participate without limitation in distributions. (b) As used in section 3 of this chapter, "voting members" means members or policyholders entitled to vote unc…

Sec. 3. (a) Any domestic corporation may merge with any other corporation or corporations, subject to the provisions of sections 1 and 2 of this chapter, in the following manner. The board of directors of each corporation shall, by a resolution adopted by a majority vote of the m…

Sec. 4. Any domestic corporation may consolidate with any other corporation or corporations, subject to the provisions of sections 1 and 2 of this chapter, in the following manner: (a) Agreement of Consolidation. The board of directors of each corporation shall, by a resolution a…

Sec. 5. Upon the issuance of a certificate of merger or a certificate of consolidation and incorporation by the secretary of state, the merger or consolidation, as the case may be, shall be effected, subject to the rights of dissenting shareholders, members, or policyholders, as …

Sec. 6. The surviving or new corporation resulting from a merger or consolidation, shall within ten (10) days after the merger or consolidation becomes effective, file for record with: (1) the county recorder of each county in which the principal office of any of the corporations…

Sec. 8. At any meeting of the shareholders, members, or policyholders held pursuant to the resolution of the board of directors for the purpose of adopting an agreement of merger or consolidation, as provided for in sections 3 and 4 of this chapter, the shareholders, members, or …

Sec. 9. (a) If any shareholder of any corporation a party to a merger or consolidation who did not vote in favor of such merger or consolidation at the meeting at which the agreement of merger or consolidation was adopted by the shareholders of such corporation shall, at any time…

Sec. 1. As used in this chapter, "securities commissioner" refers to the commissioner appointed by the secretary of state under IC 23-19-6-1(a). As added by P.L.138-2005, SEC.2. Amended by P.L.27-2007, SEC.28.

Sec. 2. As used in this chapter, "consumer" means an individual who receives a recommendation to purchase or exchange an annuity that results in the recommended purchase or exchange. As added by P.L.138-2005, SEC.2. Amended by P.L.131-2007, SEC.2.

Sec. 3. (a) An insurance producer, or an insurer in a case in which an insurance producer is not involved, shall not recommend to a consumer the: (1) purchase of an annuity; or (2) exchange of an annuity that results in another insurance transaction; that is unsuitable for the co…

Sec. 4. (a) The department shall adopt rules under IC 4-22-2 to implement this chapter. (b) The rules adopted under subsection (a) must set forth the duties that apply to an insurer or an insurance producer in determining whether reasonable grounds exist to believe that a recomme…

Sec. 5. (a) Except as provided in subsection (b), a recommendation made in violation of section 3 of this chapter is an unfair method of competition or an unfair and deceptive act or practice under IC 27-4-1-4. (b) A recommendation made in violation of section 3 of this chapter i…

Sec. 6. (a) The commissioner may conduct an investigation, pursue an enforcement action, and take other official action that the commissioner considers appropriate to ensure compliance with section 3 of this chapter. (b) With regard to a variable annuity, the commissioner may: (1…

Sec. 1. As used in this chapter, "actuary" means a person who is a member in good standing of the American Academy of Actuaries. As added by P.L.26-1991, SEC.26.

Sec. 10. As used in this chapter, "to be in violation" means that the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this chapter. As added by P.L.26-1991, SEC.26.

Sec. 11. As used in this chapter, "qualified United States financial institution" means an institution that: (1) is organized or (in the case of a United States office of a foreign banking organization) licensed, under the laws of the United States or any state; (2) is regulated,…

Sec. 12. No person, firm, association, or corporation may act as a RB in Indiana if the RB maintains an office either directly, or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation: (1) in Indiana, unless the RB is a licens…

Sec. 13. No person, firm, association, or corporation may act as a RM: (1) for a reinsurer domiciled in this state, unless the RM is a licensed producer in this state; (2) in this state, if the RM maintains an office either directly, or as a member or employee of a firm, limited …

Sec. 14. The commissioner may require a RM subject to section 13 of this chapter to: (1) file a bond from an insurer in an amount acceptable to the commissioner for the protection of the reinsurer; and (2) maintain an errors and omissions policy in an amount acceptable to the com…

Sec. 15. (a) The commissioner may issue a reinsurance intermediary license to any person, firm, association, or corporation who has complied with the requirements of this chapter. Any license issued to a firm or association under this section authorizes all the members of the fir…

Sec. 16. (a) The commissioner may refuse to issue a reinsurance intermediary license if, in the commissioner's judgment: (1) the applicant, anyone named on the application, or any member, principal, officer, or director of the applicant, is not trustworthy; (2) any controlling pe…

Sec. 17. Attorneys licensed to practice in Indiana, when acting in their professional capacity, are exempt from sections 12 through 16 of this chapter. As added by P.L.26-1991, SEC.26.

Sec. 18. Transactions between a RB and the insurer it represents in the capacity of RB shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions stating the following: (…

Sec. 19. (a) For at least ten (10) years after the expiration of each contract of reinsurance transacted by the RB, the RB will keep a complete record for each transaction showing the following: (1) The type of contract, limits, underwriting restrictions, classes or risks and ter…

Sec. 2. As used in this chapter, "commissioner" refers to the insurance commissioner appointed under IC 27-1-1-2. As added by P.L.26-1991, SEC.26.

Sec. 20. (a) An insurer may not engage the services of any person, firm, association, or corporation to act as a RB on its behalf unless such person is licensed as required by section 12 of this chapter. (b) An insurer may not employ an individual who is employed by a RB with whi…

reinsurer; written contract; contents Sec. 21. Transactions between a RM and the reinsurer it represents in the capacity of RM may only be entered into pursuant to a written contract, specifying the responsibilities of each party, which must be approved by the reinsurer's board o…

Sec. 22. (a) A RM may not bind retrocessions on behalf of the reinsurer, except that the RM may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Gui…

Sec. 23. (a) A reinsurer may not engage the services of any person, firm, association, or corporation to act as a RM on its behalf unless the person engaged is licensed as required by section 13 of this chapter. (b) A reinsurer shall annually obtain a copy of statements of the fi…

Sec. 24. (a) A reinsurance intermediary is subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. (b) A RM may be examined as if it were the rein…

Sec. 25. (a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with IC 4-21.5, to be in violation of any provision of this chapter, shall: (1) for each separate violation, pay an administrative penalty in an amoun…

Sec. 26. The commissioner may adopt rules under IC 4-22-2 for the implementation and administration of this chapter. As added by P.L.26-1991, SEC.26.

Sec. 3. As used in this chapter, "controlling person" means any person, firm, association, limited liability company, or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of a reinsurance intermediary. A…

Sec. 4. As used in this chapter, "insurer" means any person, firm, association or corporation duly licensed in Indiana pursuant to the applicable provisions of the insurance law as an insurer. As added by P.L.26-1991, SEC.26.

Sec. 5. As used in this chapter, "licensed producer" means an insurance producer, broker, or reinsurance intermediary licensed pursuant to the applicable provision of the insurance law. As added by P.L.26-1991, SEC.26. Amended by P.L.178-2003, SEC.44.

Sec. 6. As used in this chapter, "reinsurance intermediary" means: (1) a reinsurance intermediary-broker; or (2) a reinsurance intermediary-manager. As added by P.L.26-1991, SEC.26.

Sec. 7. As used in this chapter, "reinsurance intermediary-broker" or, "RB" means any person, other than an officer or employee of the ceding insurer, "firm," association, or corporation who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a cedi…

Sec. 8. (a) As used in this chapter, "reinsurance intermediary-manager" (or, RM) means any person, firm, association or corporation that: (1) has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer (including the management of a separate di…

Sec. 9. As used in this chapter, "reinsurer" means any person, firm, association, or corporation duly licensed in Indiana pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance. As added by P.L.26-1991, SEC.26.

Sec. 1. As used in this chapter, "commissioner" refers to the insurance commissioner. As added by P.L.164-1986, SEC.1.

Sec. 10. (a) Premiums for mine subsidence insurance under this chapter shall be established by the commissioner, who shall review at least annually the premium level and the experience data concerning operation of the fund and make changes in the premiums as required. (b) Premium…

Sec. 11. An insurer that enters into a reinsurance agreement with the commissioner under section 9 of this chapter shall: (1) report the amounts of premiums collected, at times designated by the commissioner; and (2) present an itemized list of losses paid, including the policy n…