reglab/housing_qa huggingface dataset:
IN Code § 27-5.1-4-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 4. Extended Farm Mutual Insurance Companies|27-5.1-4-6. Policyholder Surplus

Sec. 6. The following requirements apply to the policyholder surplus of an extended company:(1) The articles of incorporation of the extended company must provide for the existence, maintenance, and use of the policyholder surplus.(2) The policyholder surplus may be used only for the payment of losses and expenses considered necessary by the board of directors of the extended company.(3) The existence or maintenance of the policyholder surplus does not relieve a policyholder of any assessment or other obligation that the:(A) policyholder owes to the extended company; or(B) extended company has levied against the policyholder.(4) If the extended company is dissolved, the policyholder surplus must be treated in the same manner as any other asset of the extended company.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-4-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 4. Extended Farm Mutual Insurance Companies|27-5.1-4-7. Investments

Sec. 7. An extended company shall make investments in accordance with IC 27-1-13-3.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-4-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 4. Extended Farm Mutual Insurance Companies|27-5.1-4-8. Annual Statement

Sec. 8. (a) An extended company shall, not later than March 1, prepare and file with the commissioner an annual statement:(1) that is on a form prescribed by the commissioner;(2) that is verified by an affidavit of the:(A) president; and(B) secretary;of the board of directors of the extended company; and(3) that reflects the condition of the extended company as of the end of the calendar year immediately preceding the date of the annual statement.(b) An annual statement prepared and filed under subsection (a) must be presented at the annual meeting of the extended company.(c) An annual statement filed under subsection (a) must be accompanied by the filing fee set forth in IC 27-1-3-15.As added by P.L.129-2003, SEC.8.
IN Code § 27-6-1.1-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 1.1. Reinsurance|27-6-1.1-1. Definitions

Sec. 1. As used in this chapter:"Accepting insurer" means the insurer that is a party to a reinsurance transaction and that reinsures insurance, annuity, and endowment risks or liabilities of another insurer."Assumption reinsurance" means a transaction in which one (1) insurer assumes all or a portion of the insurance, annuity, and endowment risks or liabilities of another insurer and thereby becomes directly and primarily liable to the insured, beneficiary, or policyholder under the policies and contracts subject to the reinsurance transaction."Ceding insurer" means the insurer that is a party to a reinsurance transaction and whose insurance, annuity, and endowment risks or liabilities are reinsured."Indemnity reinsurance" means a transaction in which one (1) insurer agrees to indemnify another insurer for all or a portion of the insurance, annuity, and endowment risks or liabilities of the ceding insurer.As added by P.L.260-1983, SEC.1.
IN Code § 27-6-1.1-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 1.1. Reinsurance|27-6-1.1-2. Indemnity Reinsurance; Ceding Agreements

Sec. 2. (a) A domestic insurer may cede indemnity reinsurance to any insurer authorized to do business in this state, in any other state of the United States, or in the District of Columbia, or to any alien insurer.(b) A domestic ceding insurer must file with the commissioner for approval any proposed agreement that would cede indemnity reinsurance of previously retained insurance if the reserves and other liabilities with respect to previously retained insurance that are transferred by the insurer under the proposed agreement and under all other agreements that cede previously retained insurance exceed twenty-five percent (25%) of the total reserves and other liabilities of the domestic ceding insurer. As used in this subsection, "previously retained insurance" means insurance issued before the date of reinsurance and not previously reinsured.(c) Any agreement that is filed as provided in subsection (b) shall be deemed approved unless the commissioner notifies the insurer within thirty (30) days after submission of an intent to hold a hearing in accordance with section 4 of this chapter.(d) A transaction of indemnity reinsurance does not create any legal right or relation between the insured, beneficiary, or policyholder and the accepting insurer.As added by P.L.260-1983, SEC.1.
IN Code § 27-6-1.1-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 1.1. Reinsurance|27-6-1.1-4. Termination of Indemnity Reinsurance Transaction

Sec. 4. The commissioner may require the termination of any indemnity reinsurance transaction, whether or not the applicable agreement was required to be filed for approval, if after a hearing under IC 4-21.5-3, the commissioner finds that the transaction creates an unsafe condition for the policyholders of a domestic insurer.As added by P.L.260-1983, SEC.1. Amended by P.L.7-1987, SEC.152.
IN Code § 27-6-1.1-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 1.1. Reinsurance|27-6-1.1-6. Application of Chapter

Sec. 6. This chapter does not apply to any of the parties to a contract of merger or consolidation under IC 27-5.1-2-21.As added by P.L.260-1983, SEC.1. Amended by P.L.129-2003, SEC.9.
IN Code § 27-6-2-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 2. Farmers' Mutual Insurance Companies─additional Reinsurance|27-6-2-1. Authorization

Sec. 1. Every farm mutual insurance company authorized on or after March 11, 1955, to make the kinds of insurance and reinsurance permitted under and pursuant to the provisions of IC 27-5.1-2 is hereby authorized to write, make, or take, in addition to the kinds of reinsurance authorized under IC 27-5.1-2, any kind or kinds of reinsurance on lines of insurance or hazards which they cede and shall not write, make, or take reinsurance on any hazard or lines of insurance that they do not themselves cede to other reinsurers.Formerly: Acts 1955, c.330, s.1. As amended by P.L.252-1985, SEC.211; P.L.129-2003, SEC.10.
IN Code § 27-6-2-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 2. Farmers' Mutual Insurance Companies─additional Reinsurance|27-6-2-2. Construction of Acts

Sec. 2. The rights and powers conferred in this chapter shall be supplemental and in addition to those conferred by law as of March 11, 1955, upon such farm mutual insurance companies.Formerly: Acts 1955, c.330, s.2. As amended by P.L.252-1985, SEC.212; P.L.129-2003, SEC.11.
IN Code § 27-6-3-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 3. Reciprocal Exchange May Reinsure|27-6-3-1. Authorization

Sec. 1. From and after April 1, 1963, any reciprocal exchange authorized to make insurance under the provisions of IC 27-1 may be authorized to reinsure any other reciprocal exchange or insurance company authorized to make insurance pursuant to the provisions of IC 27-1, under the same regulations and restrictions as are applicable to insurance companies authorized to make insurance pursuant to IC 27-1.Formerly: Acts 1963, c.313, s.1. As amended by P.L.252-1985, SEC.213.
IN Code § 27-6-6-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-1. Subscribers; Authority to Exchange Reciprocal or Interinsurance Contracts; Title Insurance Exception

Sec. 1. Individuals, partnerships, limited liability companies, and corporations of this state, hereby designated "subscribers," are hereby authorized to exchange reciprocal or interinsurance contracts with each other or with individuals, partnerships, limited liability companies, and corporations of other states and countries, providing indemnity among themselves from any loss which may be insured against under the fire or casualty classifications as authorized by the insurance laws of this state, except title insurance.Formerly: Acts 1919, c.102, s.1; Acts 1967, c.232, s.1. As amended by P.L.8-1993, SEC.421.
IN Code § 27-6-6-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-2. Execution of Contracts; Attorneys; Location of Office of Attorney

Sec. 2. Such contracts may be executed by an attorney, agent or other representative, designated in this chapter as "attorney", duly authorized and acting for subscribers as described in section 1 of this chapter. The office or offices of such attorney may be maintained at such place or places as may be designated by the subscribers in the power of attorney.Formerly: Acts 1919, c.102, s.2. As amended by P.L.136-2018, SEC.180.
IN Code § 27-6-6-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-3. Declaration of Subscribers

Sec. 3. Such subscribers so contracting among themselves shall, through their attorney, file with the insurance department a declaration verified by the oath of such attorney, or where such attorney is a corporation, by the oath of a chief officer thereof, setting forth the following:(a) The name or title adopted by such subscribers proposing to exchange such indemnity contracts. Such name or title shall not be so similar to any other name or title previously adopted by a similar organization or by any insurance corporation or association as in the opinion of the insurance department is likely to result in confusion or deception.(b) The kind or kinds of insurance to be effected or exchanged.(c) A copy of the form of policy contract or agreement under or by which such insurance is to be effected or exchanged.(d) A copy of the form of power of attorney or other authority of such attorney under which such insurance is to be effected or exchanged; provided, that a copy of any amendment to or substitution of such form shall be filed with the insurance department prior to its use.(e) The location of the office or offices from which such contracts or agreements are to be issued.(f) That applications have been made for indemnity upon at least one hundred (100) separate risks aggregating not less than one and one-half million dollars ($1,500,000) as represented by executed contracts or bona fide applications to become concurrently effective in the case of fire insurance, and in the case of automobile insurance, executed contracts or bona fide applications for indemnity upon two hundred and fifty (250) separate risks aggregating not less than one and one-half million dollars ($1,500,000) or any or all classes of automobile insurance effected by said subscriber through said attorney.(g) That there is in the possession of such attorney and available for the payment of losses, assets conforming to the requirements of section 6 of this chapter.(h) A financial statement under oath in form prescribed for the annual statement.(i) The instrument authorizing service of process as provided for in this chapter.Formerly: Acts 1919, c.102, s.3; Acts 1963, c.315, s.1; Acts 1967, c.232, s.2. As amended by P.L.252-1985, SEC.217.
IN Code § 27-6-6-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-4. Instrument Authorizing Service of Process on Subscriber's Agent; Procedure for Service

Sec. 4. (a) Concurrently with the filing of the declaration provided for by the terms of section 3 of this chapter, the attorney (as defined in section 2 of this chapter) shall file with the department of insurance, state of Indiana, an instrument in writing, executed by him for said subscribers, conditioned that, upon the issuance of a certificate of authority provided for in section 9 of this chapter, service of process may be had upon the individual resident of Indiana, corporate resident of Indiana, or authorized Indiana insurer, appointed by the subscribers as the subscribers' agent for service of process in all suits in this state arising out of such policies, contracts, or agreements, which service shall be valid and binding upon all subscribers exchanging at any time reciprocal or interinsurance contracts through such attorney.(b) Service of process under subsection (a) shall be made by delivering to the subscribers' agent two (2) copies of process with a complaint attached.(c) It shall be the duty of the subscribers' agent, upon service, to promptly send one (1) copy of such summons, by registered letter, to the attorney specified in subsection (a) and to file the other copy of summons in the office of the subscribers' agent.Formerly: Acts 1919, c.102, s.4; Acts 1967, c.232, s.3. As amended by P.L.252-1985, SEC.218; P.L.130-1994, SEC.40; P.L.116-1994, SEC.52; P.L.268-1999, SEC.15.
IN Code § 27-6-6-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-5. Statement of Maximum Amount of Single Fire Insurance Risk; Limitation on Amount Assumed

Sec. 5. There shall be filed with the department of insurance, state of Indiana, by such attorney, whenever the department of insurance shall so require, a statement under oath of such attorney, showing, in the case of fire or casualty classifications as authorized by the insurance laws of Indiana, except title insurance, the maximum amount of indemnity upon a single risk, and no reciprocal shall assume on any single fire or casualty classifications as authorized by the insurance laws of Indiana, except title insurance, risk in an amount greater than ten percent (10%) of the net worth of the reciprocal.Formerly: Acts 1919, c.102, s.5; Acts 1967, c.232, s.4. As amended by P.L.116-1994, SEC.53; P.L.255-1995, SEC.6.
IN Code § 27-6-6-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-6. Assets and Reserves

Sec. 6. There shall at all times be maintained as assets a sum in cash or securities of the kind designated by the laws of the state where the principal office is located for the investment of funds of insurance companies, doing the same kinds of business, amounting to fifty per cent (50%) of the net annual deposits, collected, and credited to the accounts of subscribers on policies having one (1) year or less to run and pro rata on those for longer periods; in addition to which there shall be maintained in cash or such securities assets sufficient to discharge all liabilities on all outstanding losses arising under policies issued, same to be calculated on the basis of net premiums or deposits as in this section defined and in accordance with the laws of the state relating to similar reserves for companies insuring similar risks. For the purpose of computing said reserves and assets, net deposits shall be construed to mean the payments of subscribers collected or in the course of collection after deducting therefrom the amounts provided in the subscribers' agreement for expenses except payments or credits to the attorney-in-fact. If at any time the assets so held in cash or such securities shall be less than required above, or be less than three hundred thousand dollars ($300,000), the subscribers or their attorney for them shall make up the deficiency within thirty (30) days after notice from the department of insurance so to do: Provided, however, That as to reciprocal or interinsurance exchanges now licensed and authorized to do business in Indiana, the alternative minimum of cash or securities required to be held shall be one hundred thousand dollars ($100,000).Formerly: Acts 1919, c.102, s.6; Acts 1963, c.315, s.2; Acts 1967, c.232, s.5.
IN Code § 27-6-6-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-7. Annual Financial Report; Examination; Acceptance of Examination of Another State

Sec. 7. Such attorney shall, within the time limited for filing the annual statement by insurance companies transacting the same kind of business, make a report under oath to the insurance department for each calendar year showing the financial condition of affairs at the office where such contracts are issued and shall furnish such additional information and reports as may be required. The business affairs, records, and assets of any such organization shall be subject to examination by the insurance department at any reasonable time, and such examination shall be at the expense of the organization examined. Where the principal office of the attorney is located in another state, the insurance department may in lieu of the examination provided for in this section, accept a certified copy of the report of examination made by the insurance department of the state where the principal office is located.Formerly: Acts 1919, c.102, s.7; Acts 1963, c.315, s.3; Acts 1967, c.232, s.6.
IN Code § 27-6-6-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-8. Right of Domestic Corporation to Exchange Contracts

Sec. 8. Any corporation organized under the laws of this state, shall, in addition to the rights, powers and franchises specified in its articles of incorporation, have full power and authority, as a subscriber, to exchange insurance contracts of the kind and character mentioned in this chapter. The right to exchange such contracts is declared to be incidental to the purposes for which such corporations are organized and as much granted as the rights and powers expressly conferred.Formerly: Acts 1919, c.102, s.8. As amended by P.L.136-2018, SEC.181.
IN Code § 27-6-6-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-9. Certificate of Authority

Sec. 9. Upon compliance with the requirements of this chapter, the insurance department shall issue a certificate of authority or a license to the attorney authorizing him to make such contracts of insurance and shall contain the name of the attorney, the location of the principal office, and the name or the designation under which such contracts of insurance are issued. Such license shall be renewed annually, upon a showing that the standard of solvency required in this section has been maintained and all fees and taxes required have been paid; provided, no certificate of authority shall be issued under this section unless and until the subscribers and the attorney shall have complied with the same character and fitness qualifications, plan of operation, and standards for officers and directors as is required of stock and mutual insurance companies under this title.Formerly: Acts 1919, c.102, s.9; Acts 1967, c.232, s.7. As amended by P.L.252-1985, SEC.219.
IN Code § 27-6-6-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-10. Violations

Sec. 10. An attorney who exchanges a contract of insurance of the kind and character specified in this chapter, or solicits or negotiates any application for such a contract, without complying with this chapter, commits a Class C infraction. For the purpose of organization and upon issuance of permit by the insurance department, powers of attorney and applications for such contracts may be solicited without compliance with this chapter, but a person may not make or issue any such contracts until this chapter is complied with.Formerly: Acts 1919, c.102, s.10; Acts 1967, c.232, s.8. As amended by Acts 1978, P.L.2, SEC.2722.
IN Code § 27-6-6-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-11. Refusal, Suspension, or Revocation of Certificate of Authority

Sec. 11. In addition to the penalties in section 10 of this chapter and where not otherwise provided, the penalty for failure or refusal to comply with any or all of the terms and provisions of this chapter, upon the part of the attorney, shall be the refusal, suspension, or revocation of certificate of authority or license by the insurance department, after due notice and opportunity for hearing has been given such attorney, so that he may appear and show cause why such action should not be taken.Formerly: Acts 1919, c.102, s.11; Acts 1967, c.232, s.9. As amended by P.L.252-1985, SEC.220.
IN Code § 27-6-6-12 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-12. Taxation

Sec. 12. In lieu of all other taxes, licenses or fees, state or local, such attorney 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 insurance companies with principal office 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 an exchange with principal office in Indiana shall apply.Formerly: Acts 1919, c.102, s.12.
IN Code § 27-6-6-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-13. Terms Inserted in Policy; Conformity to State Law

Sec. 13. The attorney may insert in any form of policy prescribed by the laws of this state any provisions or conditions required by the plan of reciprocal or interinsurance, Provided That same shall not be inconsistent with or in conflict with the law of this state. Such policy in lieu of conforming to the language and form prescribed by such law, shall be held to conform thereto in substance if such policy includes a provision or endorsement reciting that the policy shall be construed as if in the language and form prescribed by such law. Any such endorsement shall first be filed with the insurance department.Formerly: Acts 1919, c.102, s.13; Acts 1967, c.232, s.10.
IN Code § 27-6-6-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-14. Application of State Insurance Law

Sec. 14. Except as provided in this chapter, no law of this state relating to insurance shall apply to the exchange of indemnity contracts described in this chapter, unless they are specifically mentioned in the indemnity contract.Formerly: Acts 1919, c.102, s.14. As amended by P.L.136-2018, SEC.182.