Title 27, INSURANCE

Sec. 15. If a proceeding is pending against a mutual insurance company that is the subject of a plan of reorganization under this chapter: (1) the proceeding may be continued against the reorganized insurer under its former name after the effective date of the reorganization, as …

Sec. 16. The reorganized insurer, at its discretion, may retain the name the reorganized insurer had prior to its reorganization into a mutual insurance holding company structure. As added by P.L.226-2023, SEC.30.

Sec. 2. The reorganization of a mutual insurance company or two (2) or more mutual insurance companies into a mutual insurance holding company structure under this chapter may be accomplished by any means approved by the commissioner, including the following: (1) The establishmen…

Sec. 3. After the effective date of the reorganization of a mutual insurance company as a mutual insurance holding company under this chapter, the mutual insurance holding company must at all times have the direct or indirect power to cast at least a majority of the votes for the…

Sec. 4. A plan of reorganization under this chapter must be adopted by: (1) a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance company; or (2) in the case of the formation of any intermediate stock insurance holding company t…

Sec. 5. Not later than ninety (90) days after the adoption of a plan of reorganization and before a vote on the plan by the members, the company adopting the plan of reorganization must file with the commissioner an application containing the following: (1) A plan of reorganizati…

Sec. 6. (a) A plan of reorganization filed with the commissioner under this chapter must include the following: (1) A description of all significant terms of the proposed reorganization. (2) Any plan to issue stock that may be proposed in connection with the plan of reorganizatio…

Sec. 7. A plan of reorganization that is adopted by the board of directors of the applicant may be amended or terminated by a vote of not less than two-thirds (2/3) of the members of the board of directors of the applicant: (1) in response to the comments or recommendations of th…

Sec. 8. (a) A plan of reorganization must be submitted for approval by the members at a special or annual meeting of members held in accordance with IC 27-1-7-7. (b) The meeting of members under subsection (a) must be held after the commissioner has approved the plan under IC 27-…

Sec. 9. In accordance with IC 27-1-7-9, a member: (1) may vote in person or by proxy; and (2) is entitled to cast only one (1) vote on the proposed plan of reorganization, regardless of the number of policies or the amount of insurance that the member may have with the applicant …

Sec. 1. Neither the insurance commissioner nor the several officers and employees of the department shall be liable, in their individual capacity, except to the state of Indiana, for any act done or omitted in connection with the performance of their respective duties under the p…

Sec. 10. The commissioner shall have power: (1) to revoke or suspend the authority to do business in this state of any company which refuses to permit an examination under IC 27-1-3.1; and (2) to revoke or suspend any certificate of authority when any condition prescribed by law …

Sec. 10.5. (a) As used in this section, "confidential information" means information that has been designated as confidential by statute, rule, or regulation issued under a statute. (b) The commissioner may not: (1) disclose; or (2) subject to subpoena; financial information rega…

Sec. 11. (a) The commissioner or any deputy, actuary, assistant, examiner, or employee or any other person having access to any information obtained through an examination conducted under IC 27-1-3.1 may not disclose to any person, other than officially to the department, by the …

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…