Title 27, INSURANCE

Sec. 1. (a) Subject to subsection (c), a reorganized insurer may issue shares of any class or type of stock permitted under this title. (b) Subject to subsection (c), an intermediate stock holding company may issue any class or type of stock permitted by the law under which the i…

Sec. 2. A plan to issue stock under this chapter must be adopted: (1) by 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 a plan to issue shares of stock that is not concurrent with the format…

Sec. 3. A board of directors that adopts a plan to issue stock under this chapter may amend or withdraw the plan at any time before the effective date by a vote of not less than two-thirds (2/3) of the members of the board of directors. However, after the commissioner has approve…

Sec. 4. Not later than ninety (90) days after the adoption of a plan to issue stock, the reorganized insurer or intermediate stock holding company adopting the plan must file with the commissioner an application that contains the following: (1) A proposed plan to issue stock. (2)…

Sec. 5. A plan to issue stock that is filed with the commissioner under this chapter must do the following: (1) Describe the reasons for and the purposes of the proposed issuance of shares of stock. (2) Require that, after the effective date, the mutual insurance holding company …

Sec. 6. A plan to issue stock in a public offering (other than an offering in a private placement or solely in connection with a consolidation, merger, share exchange, or other business combination or an offering of stock in connection with an employee benefit plan or under a sto…

Sec. 7. A reorganized insurer or intermediate stock holding company may offer and sell voting capital stock without complying with sections 2 through 6 of this chapter if the board of directors of the reorganized insurer or intermediate stock holding company approves the offer an…

Sec. 8. A mutual insurance holding company and its subsidiaries and affiliates may not do any of the following: (1) Lend funds to any person to finance the purchase of stock in a stock offering by a mutual insurance holding company or any of its subsidiaries. (2) Pay commissions,…

Sec. 9. (a) This section does not apply to the payment of dividends, savings, or unabsorbed premium deposits allowed or returned as set forth in IC 27-7-2-37.5 or other similar programs permitted or filed in other states. (b) The reorganized insurer must obtain approval by the co…

Sec. 1. No suit or action seeking the appointment of a receiver for any domestic insurance company, whether stock or mutual, organized and doing business under the laws of Indiana and subject to supervision and examination of the insurance commissioner or other department of stat…

Sec. 1. (a) The purpose of this chapter is to subject certain insurers to the jurisdiction of courts of this state in suits by or on behalf of the insureds or beneficiaries under insurance contracts. (b) The general assembly declares that it is a subject of concern that many resi…

Sec. 2. As used in this chapter and unless a different meaning appears from the context: (a) The term "insurer" means a company, firm, partnership, association, order, society, or system making any kind or kinds of insurance and shall include associations operating as Lloyds, rec…

Sec. 3. (a) Any of the following acts in this state, effected by mail, or otherwise, by an unauthorized foreign or alien insurer: (1) the issuance or delivery of contracts of insurance to residents of this state or to corporations authorized to do business in this state; (2) the …

Sec. 4. (a) Before any unauthorized foreign or alien insurer shall file or cause to be filed any pleading in any action, suit, or proceeding instituted against it, such unauthorized insurer shall: (1) deposit, with the clerk of the court in which such action, suit, or proceeding …

Sec. 5. In any action against an unauthorized foreign or alien insurer upon a contract of insurance issued or delivered in this state to a resident of this state or to a corporation authorized to do business in this state, if the insurer has failed for thirty (30) days after dema…

Sec. 6. The provisions of this chapter shall not apply to any action, suit, or proceeding against any unauthorized insurer arising out of any contract of: (1) reinsurance effectuated in accordance with the laws of Indiana; (2) aircraft insurance; (3) insurance on property or oper…

Sec. 7. This chapter is declared to be in addition and supplemental to other laws of the state of Indiana and shall be construed accordingly. Formerly: Acts 1955, c.203, s.7. As amended by P.L.252-1985, SEC.163.

Sec. 8. This chapter may be cited as the Unauthorized Insurers Process Act. Formerly: Acts 1955, c.203, s.9. As amended by P.L.252-1985, SEC.164.

Sec. 0.1. The addition of section 9.5 of this chapter by P.L.226-1993 applies to policies issued after June 30, 1993. As added by P.L.220-2011, SEC.434.

Sec. 1. The purpose of this chapter is to promote the public welfare through the establishment of unified and consistent rules relating to the implementation and administration of the laws of this state pertaining to credit life insurance and credit accident and health insurance,…

Sec. 10. A. All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accordance with the terms of the insurance contract. B. All claims …

Sec. 11. When life insurance or accident and health insurance is required as additional security for any indebtedness, the debtor shall have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or of procuring…

Sec. 12. The commissioner may, after notice and hearing, issue such rules as he deems appropriate for the supervision of this chapter. Whenever the commissioner finds that there has been a violation of this chapter or any rules issued pursuant to this chapter and after written no…

Sec. 13. Any party to the proceeding affected by an order of the commissioner shall be entitled to judicial review under IC 4-21.5-5. Formerly: Acts 1961, c.47, s.13. As amended by P.L.252-1985, SEC.301; P.L.7-1987, SEC.153.

Sec. 14. In addition to any other penalty provided by law, any person, firm, or corporation which violates an order of the commissioner after it has become final, and while such order is in effect, shall, upon proof thereof to the satisfaction of the court, forfeit and pay to the…

Sec. 2. (a) Citation and Scope: (1) This chapter may be cited as the Model Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance. (2) All life insurance and all accident and health insurance of the nature in this chapter defined in connection wi…

Sec. 3. Credit life insurance and credit accident and health insurance shall be issued only in the following forms: A. Individual policies of life insurance issued to debtors on the term plan; B. Individual policies of accident and health insurance issued to debtors on a term pla…

Sec. 4. A. Credit Life Insurance. The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness and, when an indebtedness is repayable in substantially equal installments, the amount of insurance shall at no time exceed…

Sec. 5. The term of any credit life insurance or credit accident and health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor, except that, where a group policy provides coverage with respect to existing …

Sec. 6. (a) All credit life insurance and credit accident and health insurance shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy of group certificate of insurance shall be delivered to the debtor. …

Sec. 7. (a) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, and riders delivered or issued for delivery in this state and the schedules of premium rates pertaining thereto shall be filed with the commissioner. (b) …

Sec. 8. A. Any insurer may revise its schedules of premium rates from time to time, and shall file such revised schedules with the commissioner. No insurer shall issue any credit life insurance policy or credit accident and health insurance policy for which the premium rate excee…

Sec. 9. All policies of credit life insurance and credit accident and health insurance shall be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business in this state, and shall be issued only through holders of licenses issued by t…

Sec. 9.5. (a) An individual or group policy of credit life insurance or credit accident and health insurance may not be delivered or issued for delivery in Indiana unless the application or authorized form: (1) provides the debtor with a right to cancel the policy not more than f…

Sec. 1. (a) If a domiciliary liquidator has not been appointed, the commissioner may apply to the Marion County circuit court by verified petition for an order directing him to act as conservator to conserve the property of an alien insurer not domiciled in Indiana or a foreign i…

Sec. 10. If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in Indiana any assets within his control other than special deposits, diminished only by the expenses of the ancillary receiv…

Sec. 2. (a) If no domiciliary receiver has been appointed, the commissioner may apply to the Marion County circuit court by verified petition for an order directing him to liquidate the assets found in Indiana of a foreign insurer or an alien insurer not domiciled in Indiana, on …

Sec. 3. (a) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under section 4(c) of this chapter, be vested by operation of law with the title to all of the assets, property, contracts, and…

Sec. 4. (a) If a domiciliary liquidator has been appointed for an insurer not domiciled in Indiana, the commissioner may file a petition with the Marion County circuit court requesting appointment as ancillary receiver in Indiana if: (1) he finds that there are sufficient assets …

Sec. 5. The commissioner in his sole discretion may institute proceedings under IC 27-9-2 at the request of the commissioner or other appropriate insurance official of the domiciliary state of any foreign or alien insurer having property located in Indiana. As added by Acts 1979,…

Sec. 6. (a) In a liquidation proceeding begun in Indiana against an insurer domiciled in Indiana, claimants residing in foreign countries or in states not reciprocal states must file claims in Indiana, and claimants residing in reciprocal states may file claims either with the an…

Sec. 7. (a) In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within Indiana may file claims either with the ancillary receiver, if any, in Indiana, or with the domiciliary liquidator. Claims mus…

Sec. 8. During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment, or levy of execution shall be commenced or maintained in Indiana against the delinquent ins…

Sec. 9. (a) In a liquidation proceeding in Indiana involving one (1) or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be give…

Sec. 1. (a) No person may possess a financial interest in, be employed by, have an agency relationship with, or perform any services for a bail bond agency or insurer during the period of license suspension or revocation. No licensee under this article may accept any services fro…

Sec. 2. (a) A bail agent or recovery agent may not do any of the following: (1) Suggest or advise the employment of or name for employment any particular attorney to represent the bail agent's principal. (2) Pay a fee or rebate or give any property to an attorney in bail bond mat…