Title 27, INSURANCE

Sec. 18. (a) In the case of a British or Canadian insurer, the annual audited financial report refers to the annual statement of total business on the form filed by the company with its domiciliary supervision authority audited by an independent auditor. (b) For a British or Cana…

Sec. 2. (a) As used in this chapter, "domestic insurer" means an insurer organized under the laws of Indiana. (b) If a domestic insurer is a member of an "insurance holding company system" (as defined in IC 27-1-23-1), the term "domestic insurer" also includes: (1) any person in …

Sec. 2.6. As used in this chapter, "group of insurers" means two (2) or more insurers that are part of an insurance holding company system. As added by P.L.146-2015, SEC.4.

Sec. 3. As used in this chapter, "independent auditor" means a certified public accountant or a certified public accounting firm that conducts an annual audit of a domestic insurer as required by this chapter. As added by P.L.244-1989, SEC.2.

Sec. 3.1. As used in this chapter, "insurance holding company system" has the meaning set forth in IC 27-1-23-1. As added by P.L.146-2015, SEC.5.

Sec. 3.2. As used in this chapter, "internal audit function" means a process that provides independent, objective, and reasonable assurance that is designed to: (1) add value to and improve a domestic insurer's or group of insurers' operations; and (2) accomplish the domestic ins…

Sec. 3.3. As used in this chapter, "internal control over financial reporting" means a process effected by a domestic insurer's board of directors, management, or other personnel that is designed to provide reasonable assurance regarding the reliability of financial statements of…

Sec. 3.4. As used in this chapter, "Section 404" refers to Section 404 of the federal Sarbanes-Oxley Act of 2002 (Public Law 107-204). As added by P.L.146-2015, SEC.8.

Sec. 3.6. As used in this chapter, "Section 404 report" means a domestic insurer's or group of insurers' management's report on internal control over financial reporting (as defined by the federal Securities and Exchange Commission) and the related attestation report of an indepe…

Sec. 3.7. As used in this chapter, "SOX compliant entity" means an entity that is required to be compliant, or is voluntarily compliant, with all of the following provisions of the federal Sarbanes-Oxley Act of 2002 (Public Law 107-204): (1) The preapproval requirements of Sectio…

Sec. 4. (a) As used in this chapter, "work papers" means the records kept by the independent auditor of the procedures followed, the tests performed, the information obtained, and the conclusions reached by the independent auditor's audit of the financial statements of a domestic…

Sec. 5. (a) Except as provided in subsections (b) and (c), this chapter applies to all domestic insurers. (b) A domestic insurer that has: (1) direct written premiums of less than one million dollars ($1,000,000) in any calendar year; (2) less than one thousand (1,000) policyhold…

Sec. 6. (a) A domestic insurer shall have an audit by an independent auditor every year and shall file an audited financial report with the commissioner every year before June 1 immediately following the December 31 that ends the year reported on in the financial report. The comm…

Sec. 6.2. (a) As used in this section, "domestic stock insurer" means a person that: (1) provides coverage under a health plan (as defined in IC 27-1-48-4); (2) is organized under the insurance laws of this state; and (3) is a publicly traded stock corporation. (b) A domestic sto…

Sec. 6.5. Except as provided in this chapter, a domestic insurer shall file the annual audited financial reports required under this chapter for the calendar year ending December 31, 1989, and for every calendar year after 1989. As added by P.L.220-2011, SEC.420.

Sec. 7. (a) The annual audited financial report filed by a domestic insurer under this chapter shall report: (1) the financial position of the domestic insurer as of the end of the most recently ended calendar year; and (2) the results of the domestic insurer's operations, cash f…

Sec. 8. (a) A domestic insurer that is required by this chapter to file annual audited financial reports shall, not more than sixty (60) days after becoming subject to the requirement, register in writing with the commissioner the name and address of the independent auditor retai…

Sec. 9. (a) For the purposes of this chapter, the commissioner may not recognize as an independent auditor any individual or firm that is not: (1) a certified public accountant (if an individual) or made up of certified public accountants (if a firm); or (2) in good standing with…

Sec. 1. This chapter applies to licensed insurers either domiciled in Indiana or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of the Insurance Holding Company System Regulation Act, to the extent the provisions …

Sec. 10. Notwithstanding section 9 of this chapter, the provisions of sections 11 through 14 of this chapter do not apply if: (1) the controlling producer: (A) places insurance only with the controlled insurer, or only with the controlled insurer and a member or members of the co…

Sec. 11. A controlled insurer shall not accept business from a controlling producer and a controlling producer shall not place business with a controlled insurer unless there is a written contract between the controlling producer and the controlled insurer specifying the responsi…

Sec. 12. Each controlled insurer shall have an audit committee of the board of directors composed of independent directors. The audit committee shall annually meet with management, the insurer's independent certified public accountants, and an independent casualty actuary or othe…

Sec. 13. In addition to any other required loss reserve certification, the controlled insurer shall annually, on April 1 of each year, file with the commissioner an opinion of an independent casualty actuary or such other independent loss reserve specialist acceptable to the comm…

Sec. 14. The controlled insurer shall annually report to the commissioner the amount of commissions paid to the producer, the percentage this amount represents of the net premiums written, and comparable amounts and percentage paid to noncontrolling producers for placements of th…

Sec. 15. A producer, before the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that, if the business is placed through a subproducer who is not a controlling…

Sec. 16. If the commissioner believes that the controlling producer or any other person has not materially complied with this chapter or any rule or order adopted under this chapter, after notice and opportunity to be heard, the commissioner may order the controlling producer to …

Sec. 17. If the commissioner finds that because of a material noncompliance under section 16 of this chapter the controlled insurer or any policyholder of the controlled insurer has suffered any loss or damage, the commissioner may maintain a civil action or intervene in an actio…

Sec. 18. If an order for liquidation or rehabilitation of the controlled insurer has been entered under IC 27-9, and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with this chapter or any rule or ord…

Sec. 19. Sections 16 through 18 of this chapter do not: (1) affect the right of the commissioner to impose any other penalties provided by Indiana law; or (2) in any manner alter or affect the rights of policyholders, claimants, creditors, or other third parties. As added by P.L.…

Sec. 2. As used in this chapter, "accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the NAIC. As added by P.L.130-1994, SEC.36 and P.L.116-1994,…

Sec. 3. As used in this chapter, "captive insurer" means an insurance company owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies, or in the case of groups and associations, insurance organizations owned by …

Sec. 4. As used in this chapter, "control" or "controlled" has the meaning set forth in IC 27-1-23-1. As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.

Sec. 5. As used in this chapter, "controlled insurer" means a licensed insurer that is controlled, directly or indirectly, by a producer. As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.

Sec. 6. As used in this chapter, "controlling producer" means a producer that, directly or indirectly, controls an insurer. As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.

Sec. 7. As used in this chapter, "licensed insurer" or "insurer" means any person, firm, association, or corporation licensed to transact a property/casualty insurance business in Indiana. The following are not licensed insurers for the purposes of this chapter: (1) All risk rete…

Sec. 8. As used in this chapter, "producer" means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in so…

Sec. 9. The provisions of sections 11 through 14 of this chapter apply if, in any calendar year, the aggregate amount of gross written premiums on business placed with a controlled insurer by a controlling producer is equal to or greater than five percent (5%) of the admitted ass…

Sec. 1. As used in this chapter, "covered individual" means an individual who: (1) is entitled to coverage under a policy of accident and sickness insurance; and (2) has a disability. As added by P.L.2-2019, SEC.9.

Sec. 2. As used in this chapter, "disability" has the meaning set forth in 42 U.S.C. 12102. As added by P.L.2-2019, SEC.9.

Sec. 3. As used in this chapter, "insurer" means an insurance company that issues a policy of accident and sickness insurance. The term includes an administrator that is licensed under IC 27-1-25 and administers a policy of accident and sickness insurance. As added by P.L.2-2019,…

Sec. 4. As used in this chapter, "policy of accident and sickness insurance" refers to a policy of accident and sickness insurance (as defined in IC 27-8-5-1) that provides coverage for anatomical gifts, transplantation, or related health care services. As added by P.L.2-2019, SE…

Sec. 5. An insurer shall not deny coverage for anatomical gifts, transplantation, or related health care services under a policy of accident and sickness insurance based solely on the disability of the covered individual. As added by P.L.2-2019, SEC.9.

Sec. 1. The commissioner may adopt reasonable rules under IC 4-22-2 that are necessary or proper to carry out this article. As added by P.L.26-1994, SEC.25.

Sec. 1. The commissioner may exempt from the application of this chapter: (1) A domestic property and casualty insurer that: (A) writes direct business only in Indiana; (B) receives annual premiums from direct business written of not more than two million dollars ($2,000,000); an…

Sec. 10. As used in this chapter, "life insurer" means an insurer that makes one (1) or more of the types of insurance described in Class 1 of IC 27-1-5-1. As added by P.L.186-1996, SEC.1. Amended by P.L.276-2013, SEC.22.

Sec. 11. As used in this chapter, "mandatory control level event" has the meaning set forth in section 41 of this chapter. As added by P.L.186-1996, SEC.1.