reglab/housing_qa huggingface dataset:
IN Code § 27-6-10.1-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 10.1. Credit for Reinsurance|27-6-10.1-1. Purpose of Chapter

Sec. 1. (a) The purpose of this chapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally.(b) The general assembly declares that its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. In furtherance of that state interest, the general assembly provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer that provides security to fund its U.S. obligations in accordance with this chapter, the assets representing the security shall be maintained in the United States and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets shall be distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic U.S. insurance companies.(c) The general assembly declares that the matters contained in this chapter are fundamental to the business of insurance in accordance with 15 U.S.C. 1011 through 15 U.S.C. 1012.As added by P.L.130-2020, SEC.12.
IN Code § 27-6-10.1-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 10.1. Credit for Reinsurance|27-6-10.1-3. Reinsurance Ceded to an Assuming Insurer Not Meeting Statutory Requirements

Sec. 3. Asset or Reduction from Liability for Reinsurance Ceded by a Domestic Insurer to an Assuming Insurer not Meeting the Requirements of Section 2 of this chapter. An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Section 2 of this chapter shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer; provided further, that the insurance commissioner may adopt by regulation pursuant to Section 5B of this chapter specific additional requirements relating to or setting forth: (1) the valuation of assets or reserve credits; (2) the amount and forms of security supporting reinsurance arrangements described in Section 5B of this chapter; and/or (3) the circumstances pursuant to which credit will be reduced or eliminated. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, held in a qualified U.S. financial institution, as defined in Section 4B of this chapter. This security may be in the form of:A. cash;B. securities listed by the Securities Valuation Office of the NAIC, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualifying as admitted assets;C. (1) clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified U.S. financial institution, as defined in Section 4A of this chapter, effective no later than December 31 of the year for which the filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement;(2) letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance (or confirmation) shall, notwithstanding the issuing (or confirming) institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification, or amendment, whichever first occurs; orD. any other form of security acceptable to the insurance commissioner.As added by P.L.130-2020, SEC.12.
IN Code § 27-6-10.1-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 10.1. Credit for Reinsurance|27-6-10.1-4. "Qualified u.s. Financial Institution"

Sec. 4. Qualified U.S. Financial InstitutionsA. For purposes of Section 3C of this chapter, a "qualified U.S. financial institution" means an institution that:(1) is organized or (in the case of a U.S. office of a foreign banking organization) licensed, under the laws of the United States or any state thereof;(2) is regulated, supervised, and examined by U.S. federal or state authorities having regulatory authority over banks and trust companies; and(3) has been determined by either the commissioner or the Securities Valuation Office of the NAIC to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.B. A "qualified U.S. financial institution" means, for purposes of those provisions of this chapter specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:(1) is organized, or, in the case of a U.S. branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and(2) is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.As added by P.L.130-2020, SEC.12.
IN Code § 27-6-10.1-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 10.1. Credit for Reinsurance|27-6-10.1-5. Rules and Regulations

Sec. 5. Rules and Regulations.A. The insurance commissioner may adopt rules and regulations under IC 4-22-2 implementing the provisions of this chapter.B. The insurance commissioner is further authorized to adopt rules and regulations under IC 4-22-2 applicable to reinsurance arrangements described in Paragraph (1) of this subsection.(1) A regulation adopted pursuant to this subsection may apply only to reinsurance relating to:(a) life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;(b) universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;(c) variable annuities with guaranteed death or living benefits;(d) long term care insurance policies; or(e) such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.(2) A regulation adopted pursuant to Paragraph 1(a) or 1(b) of this subsection may apply to any treaty containing: (i) policies issued on or after January 1, 2015; and/or (ii) policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.(3) A regulation adopted pursuant to this subsection may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under Section 11B(1) of the NAIC Standard Valuation Law, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.(4) A regulation adopted pursuant to this subsection shall not apply to cessions to an assuming insurer that:(a) meets the conditions set forth in Section 2F of this chapter in Indiana;(b) is certified in Indiana; or(c) maintains at least two hundred fifty million dollars ($250,000,000) in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices; and is:(i) licensed in at least twenty-six (26) states; or(ii) licensed in at least ten (10) states, and licensed or accredited in a total of at least thirty-five (35) states.(5) The authority to adopt regulations pursuant to this subsection does not limit the insurance commissioner's general authority to adopt regulations pursuant to Subsection A.As added by P.L.130-2020, SEC.12.
IN Code § 27-6-10.1-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 10.1. Credit for Reinsurance|27-6-10.1-6. Applicability of Chapter

Sec. 6. Reinsurance Agreements Affected. This chapter shall apply to all cessions after June 30, 2020, under reinsurance agreements that have an inception, anniversary, or renewal date not less than six (6) months after July 1, 2020.As added by P.L.130-2020, SEC.12.
IN Code § 27-7-1-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-1. Participating Underwriters; Certificate of Authority; Application

Sec. 1. Except on a surplus lines basis under IC 27-1-15.8, no persons, partnerships or corporations shall engage in the business of such insurance as is herein specified as "Lloyds" unless twenty-five (25) or more persons, partnerships or corporations, a majority of whom shall be bona fide residents of the state of Indiana shall have a certificate of authority from the insurance commissioner so to do. The application for such certificate of authority shall be signed by the attorney or attorneys in fact of those persons desiring such certificate, and must be accompanied by a declaration which must set forth the following provisions:1. The name under which the business is to be conducted, which name shall contain the word "Lloyds," and shall not be similar to that of any existing Lloyds association or corporation in this state, as, in the opinion of the insurance commissioner, is calculated to deceive or mislead.2. The exact location of the principal office in which the business is to be conducted, which office must be in the state of Indiana.3. The kind of insurance intended to be written, which shall be only as hereinafter stated.4. An exact copy of the articles of association or copartnership agreement, made by and between such underwriters.5. Name, address and amount subscribed by each of the underwriters so proposing to engage in said business.6. The designation or appointment of one (1) or more attorneys in fact, who shall have residence in Indiana, with full name and address, upon any one of whom summons or consent legal process can be served.7. That amounts subscribed by said underwriters have been paid as follows:(A) Not less than twenty-five percent (25%) of said subscriptions in cash.(B) Not more than fifty percent (50%) of said subscription secured by collateral note (payable on thirty (30) days demand) duly approved by a committee selected by the subscribers to pass thereon.(C) Not more than twenty-five percent (25%) of said subscription evidenced by subscriber's individual note.8. That the total of said subscription shall not be less than two hundred and fifty thousand dollars ($250,000), and that at least twenty-five percent (25%) thereof has been paid in cash.Formerly: Acts 1919, c.177, s.1. As amended by P.L.148-2017, SEC.9.
IN Code § 27-7-1-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-2. Policies; Filing; Contents; Special Provisions

Sec. 2. There shall be filed with the insurance commissioner a copy of each form of policy by it issued. Said policies shall show the name and address, as well as the amount of the subscription of each subscriber, and shall be signed by the attorneys in fact, and they shall contain the following special provisions:First: Whenever, under the terms of this policy, notice or consent is required to be given to or by the company, notice or consent given to or by the attorney or attorneys in fact shall be sufficient compliance therewith, and each underwriter hereon shall be bound thereby, the same as though notice or consent had been given to or by each of such underwriters individually.Second: In no event, shall the liability of any underwriter exceed the sum underwritten by the underwriter or underwriters hereon, and, in no event, shall any underwriter be liable for any part of the sum underwritten hereon by any other underwriter.Third: The insured agrees by the acceptance of this policy that no underwriter hereon shall, in any event, be liable for claims exceeding, in the aggregate, on all policies, certificates or contracts issued on behalf of the underwriter or underwriters, in the name of this Lloyds for an amount in excess of the unpaid portion, if any, of the original subscription or contribution of the underwriter or underwriters to said Lloyds, as endorsed hereon.Fourth: In case of action brought to enforce the provisions of this policy, same shall be brought against the attorney or attorneys in fact for the underwriters, as representing all of the said underwriters, and each of the underwriters hereto hereby agrees to abide by the final results of any suit so brought as fixing the proportionate amount of the individual liability of the underwriter or underwriters.Fifth: This policy is made and accepted subject to all the stipulations and conditions contained therein, together with such other provisions, agreements or conditions as may be endorsed hereon, or added hereto, and as to such provisions and conditions, no officer, agent or representative shall have such power or be deemed or held to have waived such provisions or conditions unless such waiver, if any, shall be endorsed upon or attached hereto, nor shall any privilege or permission affecting the insurance under this policy exist or be claimed by the assured unless so endorsed or attached.Formerly: Acts 1919, c.177, s.2. As amended by P.L.148-2017, SEC.10.
IN Code § 27-7-1-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-3. Additional Underwriters

Sec. 3. After any Lloyds is authorized to do business in this state pursuant to this law, it may be joined by other and additional underwriters, but, in that event, such underwriters who may thereafter join such authorized Lloyds shall be held to be bound by the documents on file with the insurance commissioner concerning such Lloyds.Formerly: Acts 1919, c.177, s.3. As amended by P.L.148-2017, SEC.11.
IN Code § 27-7-1-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-4. Examination; Issuance of Certificate of Authority

Sec. 4. After such documents specified shall have been filed, the insurance commissioner shall cause an examination of such Lloyds to be made, and after the insurance commissioner has specified that all of the facts alleged in the declaration are true, and that the articles of association or copartnership agreement is of such character that the rights of the policyholders will be protected thereunder, the insurance commissioner shall issue, or cause to be issued, a certificate of authority to such Lloyds to do such business as is specified in the declaration, which certificate shall be issued to such Lloyds under the name designated and approved, authorizing the underwriters thereof to do the business permitted through its attorney or attorneys in fact.Formerly: Acts 1919, c.177, s.4. As amended by P.L.148-2017, SEC.12.
IN Code § 27-7-1-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-5. Investments

Sec. 5. Any such Lloyds as may be thus authorized to do business in this state shall not invest its funds except in accordance with the laws of this state relative to the investment of the funds of domestic stock insurance companies doing a similar business, except in such securities as may be held by said Lloyds as a guaranty for the payment of any subscription.Formerly: Acts 1919, c.177, s.5.
IN Code § 27-7-1-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-6. Unearned Premium Reserve

Sec. 6. Such Lloyds shall maintain the same unearned premium reserve as is required of all domestic stock companies writing a like business.Formerly: Acts 1919, c.177, s.6.
IN Code § 27-7-1-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-8. Supervision and Control

Sec. 8. The insurance commissioner shall have the same supervision and control over Lloyds as the insurance commissioner has over stock insurance companies incorporated under the laws of Indiana.Formerly: Acts 1919, c.177, s.8. As amended by P.L.148-2017, SEC.13.
IN Code § 27-7-1-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-9. Foreign Lloyds Association; Certificate of Authority; Application; Unearned Premium Reserve

Sec. 9. The insurance commissioner may, in the insurance commissioner's discretion, issue a certificate of authority to a Lloyds domiciled in another state to do business in this state, for permission to do which application is made as may be authorized by the articles of association or copartnership agreement under which said Lloyds is operated. However, in no event shall authority be given to any such Lloyds to do any kind of insurance business other than those specified in section 7 of this chapter. The application for such certificate shall specify the kind of business such Lloyds desires the authority to transact in this state. It must be signed by the attorney or attorneys in fact for such Lloyds, and must file with the insurance commissioner a certificate from the insurance department of its home state that it has and maintains at all times an unearned premium reserve as is required of stock companies of said state, and that the total subscription of its subscribers shall not be less than two hundred fifty thousand dollars ($250,000), and that at least twenty-five percent (25%) thereof is paid in cash.Formerly: Acts 1919, c.177, s.9. As amended by P.L.252-1985, SEC.225; P.L.148-2017, SEC.14.
IN Code § 27-7-1-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-10. Foreign Lloyds Association; Documents Required; Appointment of Attorney for Service of Process

Sec. 10. A true copy of the articles of association or copartnership agreement, power of attorney, and a copy of each form of policy by it issued, verified by the attorney or attorneys in fact, shall be filed with the insurance commissioner, as well as a copy of the last report filed with the insurance department of its home state, and also a declaration and agreement, duly executed and acknowledged by the attorneys in fact of said Lloyds, appointing the insurance commissioner as a true and lawful attorney for such Lloyds and the underwriters thereof in and for this state, upon whom all legal process in any action or proceedings against said Lloyds or the underwriters thereof may be served, and that any service upon the insurance commissioner shall be equivalent to the personal service within the state of such persons of each and every such underwriter.Formerly: Acts 1919, c.177, s.10. As amended by P.L.148-2017, SEC.15.
IN Code § 27-7-1-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-11. Revocation of Certificate of Authority; Grounds

Sec. 11. The certificate of authority of any such Lloyds, whether domestic or foreign, shall be revoked by the insurance commissioner if at any time it appears that any underwriters are issuing policies of insurance within the state under apparent authority of such certificate without filing such declaration and agreement as aforesaid, or if such Lloyds does not maintain at all times the funds specified in this chapter, or has violated its agreement or the law, or is found to be in such a condition that the further transaction of business by it will be hazardous to the policyholders, its creditors, or the public.Formerly: Acts 1919, c.177, s.11. As amended by P.L.252-1985, SEC.226.
IN Code § 27-7-1-12 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 1. Lloyds Insurance|27-7-1-12. Taxation

Sec. 12. In lieu of all other taxes, licenses and fees, state or local, such Lloyds shall pay annually, on account of the transaction of such business in this state, the same taxes, licenses and fees as are required to be paid by mutual companies with principal offices similarly located and transacting the same kind of business. In the application of the retaliatory law, the taxes and fees exacted by another state from a Lloyds insurance with principal offices in Indiana shall apply.Formerly: Acts 1919, c.177, s.12.
IN Code § 27-7-2-1.1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 2. Worker's Compensation|27-7-2-1.1. Purposes of Chapter

Sec. 1.1. The purposes of this chapter are as follows:(1) To prohibit price fixing agreements and other anticompetitive behavior by companies.(2) To protect policyholders and the public against the adverse effects of excessive, inadequate, or unfairly discriminatory rates.(3) To promote price competition among companies so as to provide rates that are responsive to competitive market conditions.(4) To provide regulatory procedures for the maintenance of appropriate data reporting systems.(5) To improve availability, fairness, and reliability of insurance.(6) To authorize essential cooperative action among companies in the ratemaking process and to regulate such activity to prevent practices that tend to substantially lessen competition or create a monopoly.(7) To encourage the most efficient and economic marketing practices.As added by P.L.249-1989, SEC.1.
IN Code § 27-7-2-1.2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 2. Worker's Compensation|27-7-2-1.2. Insurers and Underwriters Subject to Chapter

Sec. 1.2. This chapter applies to all persons, firms, partnerships, corporations, associations, and systems and to associations operating as Lloyds, interinsurers, or individual underwriters authorized on or after July 1, 1935, to transact the business of making worker's compensation insurance in Indiana. All domestic, foreign, and alien companies authorized to issue worker's compensation insurance policies in Indiana are subject to this chapter.As added by P.L.249-1989, SEC.2.
IN Code § 27-7-2-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 2. Worker's Compensation|27-7-2-3. Worker's Compensation Rating Bureau; Membership

Sec. 3. After July 1, 1935, every insurance company authorized to effect worker's compensation insurance in this state shall be a member of the worker's compensation rating bureau of Indiana. The bureau shall be composed of all insurance companies lawfully engaged on July 1, 1935, wholly or in part in making worker's compensation insurance in Indiana or who shall after July 1, 1935, be issued a certificate of authority to make worker's compensation insurance in this state.Formerly: Acts 1935, c.323, s.3. As amended by P.L.252-1985, SEC.229; P.L.28-1988, SEC.88.