reglab/housing_qa huggingface dataset:
IN Code § 27-1-3.5-12 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-12. Report of Unremediated Material Weaknesses in Internal Control Over Financial Reporting

Sec. 12. (a) A domestic insurer required by this chapter to file an annual audited financial report with the commissioner shall also furnish the commissioner with a written communication describing any unremediated material weaknesses (as defined in the Accounting Practices and Procedures Manual) in the domestic insurer's internal control over financial reporting as of the December 31 immediately preceding the audit (coinciding with the domestic insurer's annual audited financial report), noted during the audit. If no unremediated material weaknesses are noted during the audit, the communication must reflect that fact.(b) The written communication required under subsection (a) must be prepared not later than sixty (60) days after the filing of the annual audited financial report.(c) If a description of remedial actions taken or proposed to correct unremediated material weaknesses described under subsection (a) is not provided by the independent auditor, the domestic insurer shall provide a description of the remedial actions.As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.11; P.L.146-2015, SEC.15; P.L.124-2018, SEC.8.
IN Code § 27-1-3.5-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-13. Independent Audit Work Papers and Communications; Review by Department Examiners

Sec. 13. (a) A domestic insurer required to file an audited financial report under this chapter shall require its independent auditor to make available for review by department examiners:(1) all work papers prepared in the conduct of the independent auditor's examination; and(2) any record of significant communications related to the audit between the independent auditor and the insurer that took place at:(A) the offices of the insurer;(B) the department;(C) the offices of the independent auditor; or(D) any other reasonable place designated by the commissioner.The insurer shall require the independent auditor to retain the audit work papers and communications until the department has filed a report on the examination covering the period of the audit but not later than seven (7) years after the date of the audit report.(b) Department examiners, in conducting a review of an independent auditor's work papers, may make and retain copies of the work papers and communications. A review of an independent auditor's work papers and communications shall be considered an investigation and all work papers and communications obtained or copied during the course of that investigation are confidential under IC 27-1-3.1-15.As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.13.
IN Code § 27-1-3.5-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-14. Exemption Application; Hearing

Sec. 14. (a) In response to a written application from a domestic insurer, the commissioner may grant an exemption from compliance with this chapter if the commissioner finds, upon review of the application, that compliance with this chapter would constitute a financial or an organizational hardship upon the domestic insurer. An exemption may be granted at any time for a specified period.(b) Within ten (10) days after the denial of a domestic insurer's written request for an exemption from this chapter, the insurer may, in writing, request a hearing on its application for an exemption. The hearing shall be held under IC 4-21.5.As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.14.
IN Code § 27-1-3.5-16 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-16. Penalty for Noncompliance

Sec. 16. A domestic insurer that fails to file an audited annual financial report before July 1 or any other deadline established by the commissioner for the insurer under this chapter without having obtained an extension is subject to a civil penalty of fifty dollars ($50) per day until the report is received by the commissioner.As added by P.L.244-1989, SEC.2.
IN Code § 27-1-3.5-17 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-17. Effect of Chapter on Examinations Under Ic 27-1-3.1

Sec. 17. This chapter does not prohibit or in any way restrict the commissioner from ordering, conducting, or performing examinations of insurers under IC 27-1-3.1.As added by P.L.244-1989, SEC.2. Amended by P.L.26-1991, SEC.6.
IN Code § 27-1-3.5-18 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-18. British or Canadian Insurers

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 Canadian insurer, the letter required under section 8 of this chapter shall state that the accountant is aware of the requirement relating to the annual audited statement filed with the commissioner under section 6 of this chapter and shall affirm that the opinion expressed is in conformity with those requirements.As added by P.L.251-1995, SEC.15.
IN Code § 27-1-4.1-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-1. Application and Scope of Chapter

Sec. 1. (a) This chapter applies beginning January 1, 2016.(b) This chapter does not do the following:(1) Impose corporate governance standards or internal procedures that are not otherwise required under IC 27.(2) Limit the commissioner's authority, or the rights and obligations of third parties, under IC 27-1-3.1.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-2. "Corporate Governance Annual Disclosure"; "Cgad"

Sec. 2. As used in this chapter, "corporate governance annual disclosure" or "CGAD" means a confidential report filed by an insurer or insurance group under this chapter.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-3. "Insurance Group"

Sec. 3. As used in this chapter, "insurance group" means insurers and affiliates of an insurance holding company system (as defined in IC 27-1-23-1).As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-4. "Insurer"

Sec. 4. As used in this chapter, "insurer" has the same meaning as set forth in IC 27-1-2-3, except that the term:(1) refers only to domestic insurers (as defined in IC 27-1-36-8); and(2) does not include agencies, authorities, or instrumentalities of the United States, possessions and territories of the United States, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-5. "Naic"

Sec. 5. As used in this chapter, "NAIC" refers to the National Association of Insurance Commissioners.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-6. Annual Submission of Cgad

Sec. 6. (a) An insurer or insurance group of which the insurer is a member shall, not later than June 1 of each calendar year, submit:(1) to the commissioner; or(2) if the insurer is a member of an insurance group, to the lead state commissioner of the insurance group (as determined by the procedures in the Financial Analysis Handbook) according to the law of the lead state;a CGAD.(b) An insurer that is a member of an insurance group and not required to submit a CGAD to the commissioner under subsection (a) shall submit a CGAD to the commissioner upon the commissioner's request.(c) A CGAD submitted under this section must include the signature of the insurer's or insurance group's chief executive officer or corporate secretary attesting that to the best of the chief executive officer's or corporate secretary's knowledge the insurer has:(1) implemented corporate governance procedures; and(2) provided a copy of the CGAD to the insurer's board of directors or the appropriate committee of the board of directors.As added by P.L.146-2015, SEC.19. Amended by P.L.124-2018, SEC.10.
IN Code § 27-1-4.1-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-7. Level of Disclosure

Sec. 7. (a) Subject to subsection (b), an insurer or insurance group may complete a CGAD using corporate governance information at the level of disclosure at which the insurer's or insurance group's system of corporate governance is structured, as follows:(1) The ultimate controlling parent level.(2) An intermediate holding company level.(3) The individual legal entity level.(b) An insurer or insurance group may, but is not required to, choose the level of disclosure at which to complete a CGAD under subsection (a) according to one (1) of the following criteria:(1) The level at which the insurer's or insurance group's risk tolerance is determined.(2) The level at which the insurer's or insurance group's earnings, capital, liquidity, operations, and reputation are:(A) collectively overseen; and(B) supervised.(3) The level at which legal liability for failure of general corporate governance would be placed.(c) If the insurer or insurance group chooses the level of disclosure at which to complete a CGAD under subsection (a) according to a criterion described in subsection (b), the insurer or insurance group shall:(1) indicate which of the three (3) criteria was used to determine the level of disclosure; and(2) explain any change in the level of disclosure that is subsequently used.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-8. Cgad Submitted by Insurance Group Member

Sec. 8. If a CGAD is submitted by an insurer as a member of an insurance group, the lead state commissioner of the insurance group (as determined by the procedures in the Financial Analysis Handbook) shall:(1) review a CGAD submitted under section 6 of this chapter; and(2) make any requests for additional information.As added by P.L.146-2015, SEC.19. Amended by P.L.124-2018, SEC.11.
IN Code § 27-1-4.1-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-9. Nonduplication of Other Filings

Sec. 9. If an insurer or insurance group:(1) submits, in other:(A) documents submitted to the commissioner, including proxy statements filed with registration statements required by IC 27-1-23-3; or(B) state or federal filings provided to the department;information that is substantially similar to the information required by this chapter; and(2) cross references in the CGAD the document or filing that contains the substantially similar information;the insurer or insurance group is not required to duplicate the information in the CGAD.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-10. Additional Information; Cgad Preparation Requirements

Sec. 10. (a) If a CGAD contains the material information necessary to allow the reviewing commissioner to understand the insurer's or insurance group's corporate governance structure, policies, and procedures, the insurer or insurance group may determine whether to respond to a request from the reviewing commissioner for additional information.(b) If the reviewing commissioner considers additional information to be material and necessary to provide a clear understanding of an insurer's or insurance group's:(1) corporate governance structure, policies, and procedures;(2) reporting or information system; or(3) controls implementing subdivisions (1) and (2);the commissioner may request the additional information.(c) A CGAD must be:(1) prepared in a manner consistent with the NAIC's Corporate Governance Annual Disclosure Model Regulation; and(2) made available to the commissioner upon:(A) examination under IC 27-1-3.1; or(B) request of the commissioner.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-11. Confidentiality; Privilege; Use of Information; Sharing and Disclosure

Sec. 11. (a) Documents, materials, and other information related to a CGAD, including the CGAD, that are in the possession or control of the department and obtained by, created by, or disclosed to the commissioner or another person under this chapter, are:(1) considered to be proprietary and contain trade secrets;(2) confidential and privileged;(3) not subject to subpoena; and(4) not subject to discovery or admissible in evidence in a private civil action.(b) The commissioner may:(1) use the documents, materials, and other information described in subsection (a) in relation to a regulatory or legal action brought as part of the commissioner's duties; and(2) otherwise make the documents, materials, and other information public only with the prior written consent of the insurer.(c) The commissioner, and any other person:(1) who receives documents, materials, or other information related to a CGAD while acting under the authority of the commissioner; or(2) with whom the documents, materials, or other information are shared;under this chapter is not permitted or required to testify in a private civil action concerning any documents, materials, or other information described in subsection (a).(d) The commissioner may, in the performance of the commissioner's duties, do the following:(1) Upon request, share all documents, materials, and other information described in subsection (a) with the following if the recipient agrees in writing, and provides written verification that the recipient has the legal authority, to maintain the confidential and privileged status of the documents, materials, and other information:(A) Other state, federal, and international financial regulatory agencies.(B) The NAIC.(C) Members of a supervisory college (as defined in IC 27-1-23-1).(D) A third party consultant under section 12 of this chapter.(2) Receive all documents, materials, and other information described in subsection (a) from:(A) other state, federal, and international financial regulatory agencies;(B) members of a supervisory college (as defined in IC 27-1-23-1); and(C) the NAIC;if the commissioner maintains the confidential or privileged status of the documents, materials, and other information that are received with notice or the understanding that the documents, materials, and other information are confidential or privileged under the laws of the jurisdiction that is the source of the documents, materials, and other information.(e) The sharing of information by the commissioner under this chapter is not a delegation of regulatory authority. The commissioner is solely responsible for the administration, implementation, and enforcement of this chapter.(f) Disclosure to or sharing by the commissioner of documents, materials, or other information under this chapter is not a waiver of any applicable privilege or claim of confidentiality in the documents, materials, or other information.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-13. Failure to Timely File; Penalty; Reduction

Sec. 13. (a) An insurer that fails, without just cause (as determined by the commissioner), to timely file a CGAD as required by this chapter shall, after notice and hearing under IC 4-21.5, pay a civil penalty of one hundred dollars ($100) for each day of noncompliance, not to exceed ten thousand dollars ($10,000).(b) The commissioner may reduce a penalty imposed under subsection (a) if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.(c) A civil penalty collected under this section shall be deposited in the department of insurance fund established by IC 27-1-3-28.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-14. Nonseverability

Sec. 14. Notwithstanding IC 1-1-1-8, section 11 of this chapter is not severable.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-4.1-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 4.1. Corporate Governance Annual Disclosure|27-1-4.1-15. Rulemaking

Sec. 15. The commissioner may adopt rules under IC 4-22-2 to implement this chapter.As added by P.L.146-2015, SEC.19.
IN Code § 27-1-5-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 5. Classification of Insurance|27-1-5-2. Management of Segregated Investment Account

Sec. 2. Notwithstanding any other provisions of this article, any company which has established or establishes on or after March 8, 1935, a segregated investment account of assets as authorized in Class 1(c) of section 1 of this chapter may provide that such segregated investment account of assets shall be managed by a committee, board, or similarly designated body, the members of which need not be otherwise affiliated with such company or its board of directors and the members of which may be elected solely by the owners of the contracts issued and outstanding under such account, and may further provide that each contract owner under such account shall have the right, with respect to the election of members of such committee, board, or body and with respect to other matters pertaining only to such account, to vote a number of votes proportionate to the value of the contract owner's interest in the account in the manner provided by such rules as may be adopted by such committee, board, or body.Formerly: Acts 1935, c.162, s.59a; Acts 1967, c.127, s.6. As amended by P.L.252-1985, SEC.13.
IN Code § 27-1-5-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 5. Classification of Insurance|27-1-5-3. "Property" and "Property Interests" Defined

Sec. 3. "Property" and "property interests", as used in section 1 of this chapter, shall include real and personal property, chattels real, currency, coin, bank notes, bullion, postage or revenue stamps, express, postal, pension or bank money orders, bonds, debentures, checks, coupons, demand or time drafts, bills of exchange, acceptances, promissory notes, certificates of deposit, certificates of stock, warehouse receipts, bills of lading, and all other choses in action.Formerly: Acts 1935, c.162, s.60. As amended by P.L.252-1985, SEC.14.
IN Code § 27-1-6-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 6. Formation of Domestic Companies|27-1-6-1. Authority to Incorporate; Excluded Kinds of Insurance

Sec. 1. Any number of natural persons, not less than seven (7), all of whom are eighteen (18) years of age or older, at least a majority of whom are residents of the state of Indiana and citizens of the United States, may form a corporation under the provisions of this chapter for the purpose of making any kind or kinds of insurance described in any one class set out in IC 27-1-5-1, other than reciprocal, farm mutual, fraternal, and assessment insurance, by complying with the provisions of this chapter.Formerly: Acts 1935, c.162, s.61; Acts 1973, P.L.270, SEC.1. As amended by P.L.252-1985, SEC.15.
IN Code § 27-1-6-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 6. Formation of Domestic Companies|27-1-6-2. Applicable Rights, Powers, Privileges, Duties, Obligations, and Liabilities

Sec. 2. Any insurance company incorporated as such under this chapter, and its successors shall have the rights and powers, shall be entitled to the privileges, and shall be subject to the duties, obligations, and liabilities as prescribed in this article.Formerly: Acts 1935, c.162, s.62. As amended by P.L.252-1985, SEC.16.
IN Code § 27-1-6-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 6. Formation of Domestic Companies|27-1-6-3. Names; Required and Prohibited Words; Similarity of Names; Change of Name

Sec. 3. The name of any company organized under this article shall contain the word "insurance" and the word "company," "corporation" or "incorporated," or shall end with an abbreviation of one of these words, except that the word "company" or the abbreviation "Co." may be used only if that word or abbreviation is not immediately preceded by the word "and," or any substitute therefor.No company organized under this article shall:(a) Use as a part of its corporate name the words "United States," "Federal," "government," "official," or any word that would imply that the company was an administrative agency of the state of Indiana or of the United States, or is subject to supervision of any department other than the department of insurance of the state of Indiana.(b) Take or assume a corporate name the same as, or confusingly similar to, the name of any other insurance company then existing under the laws of this state or authorized to transact business in this state, unless at the same time (1) such other company shall change its corporate name or withdraw from transacting business in this state, and (2) the written consent of such company, signed and verified under oath by its secretary, shall be filed with the department.Any company organized under this article may change its corporate name at any time by amending its articles of incorporation in the manner hereinafter provided. The provisions of this section shall not affect the right of any insurance company which is existing under the laws of this state on March 8, 1935, or of any such company which thereafter reorganizes or reincorporates under this article or of any company authorized to transact business in this state on March 8, 1935, to continue the use of its corporate name.Formerly: Acts 1935, c.162, s.63. As amended by Acts 1977, P.L.281, SEC.3; P.L.1-2009, SEC.145.