reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 8. Property and Casualty Insurance and Guaranty Association Law › 27-6-8-18. Records of Insolvent Insurers; Access; Copies

Sec. 18. The liquidator, receiver, or statutory successor of an insolvent insurer covered by this chapter shall permit access by the board or its authorized representative to such of the insolvent insurers records which are necessary for the board in carrying out its functions under this chapter with regard to covered claims. In addition, the liquidator, receiver, or statutory successor shall provide the board or its representative with copies of such records upon the request by the board and at the expense of the board.
Formerly: Acts 1971, P.L.390, SEC.1; Acts 1973, P.L.279, SEC.3.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 8. Property and Casualty Insurance and Guaranty Association Law › 27-6-8-19. Advertising

Sec. 19. No person, including an insurer, insurance producer, or affiliate of an insurer, shall make, publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated or placed before the public, in any newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster, or over any radio station or television station, or in any other way, any advertisement, announcement or statement which uses the existence of the insurance guaranty association of this state for the purpose of sales, solicitation, or inducement to purchase any form of insurance covered by the Indiana insurance guaranty association law. However, this section does not apply to Indiana insurance guaranty association or to any other entity which does not sell or solicit insurance.
Formerly: Acts 1973, P.L.279, SEC.4. As amended by Acts 1977, P.L.281, SEC.10; P.L.178-2003, SEC.43.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-1. Actuary

Sec. 1. As used in this chapter, "actuary" means a person who is a member in good standing of the American Academy of Actuaries.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-2. Commissioner

Sec. 2. As used in this chapter, "commissioner" refers to the insurance commissioner appointed under IC 27-1-1-2.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-3. Controlling Person

Sec. 3. As used in this chapter, "controlling person" means any person, firm, association, limited liability company, or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of a reinsurance intermediary.
As added by P.L.26-1991, SEC.26. Amended by P.L.8-1993, SEC.423.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-4. Insurer

Sec. 4. As used in this chapter, "insurer" means any person, firm, association or corporation duly licensed in Indiana pursuant to the applicable provisions of the insurance law as an insurer.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-5. Licensed Producer

Sec. 5. As used in this chapter, "licensed producer" means an insurance producer, broker, or reinsurance intermediary licensed pursuant to the applicable provision of the insurance law.
As added by P.L.26-1991, SEC.26. Amended by P.L.178-2003, SEC.44.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-6. Reinsurance Intermediary

Sec. 6. As used in this chapter, "reinsurance intermediary" means:
(1) a reinsurance intermediary-broker; or
(2) a reinsurance intermediary-manager.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-7. Reinsurance Intermediary-Broker

Sec. 7. As used in this chapter, "reinsurance intermediary-broker" or, "RB" means any person, other than an officer or employee of the ceding insurer, "firm," association, or corporation who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of that insurer.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-8. Reinsurance Intermediary-Manager

Sec. 8. (a) As used in this chapter, "reinsurance intermediary-manager" (or, RM) means any person, firm, association or corporation that:
(1) has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer (including the management of a separate division, department, or underwriting office); and
(2) acts as an agent for that reinsurer;
whether known as a RM, manager, or other similar term.
(b) Notwithstanding subsection (a), the following persons may not be considered a RM, with respect to a reinsurer, for the purposes of this chapter:
(1) An employee of the reinsurer.
(2) A United States manager of the United States branch of an alien reinsurer.
(3) An underwriting manager which, pursuant to contract:
(A) manages all or part of the reinsurance operations of the reinsurer;
(B) is under common control with the reinsurer, subject to IC 27-1-23; and
(C) whose compensation is not based on the volume of premiums written.
(4) The manager of a group, association, pool, or organization of insurers which engage in joint underwriting or joint reinsurance and who are subject to examination by the insurance commissioner of the state in which the manager's principal business office is located.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-9. Reinsurer

Sec. 9. As used in this chapter, "reinsurer" means any person, firm, association, or corporation duly licensed in Indiana pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-10. To Be in Violation

Sec. 10. As used in this chapter, "to be in violation" means that the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this chapter.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-11. "Qualified United States Financial Institution"

Sec. 11. As used in this chapter, "qualified United States financial institution" means an institution that:
(1) is organized or (in the case of a United States office of a foreign banking organization) licensed, under the laws of the United States or any state;
(2) is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and
(3) has been determined by:
(A) the commissioner; or
(B) 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.
As added by P.L.26-1991, SEC.26. Amended by P.L.124-2018, SEC.67.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-12. Reinsurance Intermediary-Broker; Requirements

Sec. 12. No person, firm, association, or corporation may act as a RB in Indiana if the RB maintains an office either directly, or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation:
(1) in Indiana, unless the RB is a licensed producer in Indiana; or
(2) in another state, unless the RB:
(A) is a licensed producer in Indiana or another state having a law substantially similar to this chapter; or
(B) is licensed in Indiana as a nonresident reinsurance intermediary.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-13. Reinsurance Intermediary-Manager; Requirements

Sec. 13. No person, firm, association, or corporation may act as a RM:
(1) for a reinsurer domiciled in this state, unless the RM is a licensed producer in this state;
(2) in this state, if the RM maintains an office either directly, or as a member or employee of a firm, limited liability company, or association, or as an officer, director, or employee of a corporation in this state, unless the RM is a licensed producer in this state;
(3) in another state for a nondomestic insurer, unless the RM is:
(A) a licensed producer in Indiana or another state having a law substantially similar to this chapter; or
(B) the person is licensed in this state as a nonresident reinsurance intermediary.
As added by P.L.26-1991, SEC.26. Amended by P.L.8-1993, SEC.424.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-14. Bond; Errors and Omissions Policy

Sec. 14. The commissioner may require a RM subject to section 13 of this chapter to:
(1) file a bond from an insurer in an amount acceptable to the commissioner for the protection of the reinsurer; and
(2) maintain an errors and omissions policy in an amount acceptable to the commissioner.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-15. Reinsurance Intermediary License; Issuance; Application; Authority to Act; Nonresidents

Sec. 15. (a) The commissioner may issue a reinsurance intermediary license to any person, firm, association, or corporation who has complied with the requirements of this chapter. Any license issued to a firm or association under this section authorizes all the members of the firm or association and any designated employees to act as reinsurance intermediaries under the license, and all such persons must be named in the application and any supplements thereto. Any license issued to a corporation under this section authorizes all of the officers of the corporation, and any designated employees and directors of the corporation, to act as reinsurance intermediaries on behalf of the corporation, and all such persons must be named in the application and any supplements thereto.
(b) If the applicant for a reinsurance intermediary license is a nonresident, the applicant, as a condition precedent to receiving or holding a license, must:
(1) designate the commissioner as agent for service of process in the manner, and with the same legal effect, provided for by this chapter for designation of service of process upon unauthorized insurers; and
(2) furnish the commissioner with the name and address of a resident of Indiana upon whom notices or orders of the commissioner or process affecting such nonresident reinsurance intermediary may be served.
(c) A licensee who receives a license under subsection (b) shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and a change in the licensee's designated agent does not become effective until acknowledged by the commissioner.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-16. Refusal to Issue License; Conditions; Summary

Sec. 16. (a) The commissioner may refuse to issue a reinsurance intermediary license if, in the commissioner's judgment:
(1) the applicant, anyone named on the application, or any member, principal, officer, or director of the applicant, is not trustworthy;
(2) any controlling person of the applicant is not trustworthy to act as a reinsurance intermediary; or
(3) any of the foregoing has given cause for revocation or suspension of such license, or has failed to comply with any prerequisite for the issuance of such license.
(b) Upon written request therefor, the commissioner shall furnish a summary of the basis for refusal to issue a license. A summary furnished under this subsection is declared confidential for the purposes of IC 5-14-3-4(a)(1) and is not subject to inspection and copying as a public record.
As added by P.L.26-1991, SEC.26. Amended by P.L.1-2002, SEC.110.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-17. Attorneys; Exemptions

Sec. 17. Attorneys licensed to practice in Indiana, when acting in their professional capacity, are exempt from sections 12 through 16 of this chapter.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-18. Transactions Between Reinsurance Intermediary-Broker and Insurer; Written Authorization; Contents

Sec. 18. Transactions between a RB and the insurer it represents in the capacity of RB shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions stating the following:
(1) The insurer may terminate the RB's authority at any time.
(2) The RB will:
(A) render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing to, the RB; and
(B) remit all funds due to the insurer within thirty (30) days of receipt.
(3) All funds collected for the insurer's account will be held by the RB in a fiduciary capacity in a bank which is a qualified United States financial institution.
(4) The RB will comply with section 19 of this chapter.
(5) The RB will comply with the written standards established by the insurer for the cession or retrocession of all risks.
(6) The RB will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-19. Record of Transactions; Contents; Insurer Access

Sec. 19. (a) For at least ten (10) years after the expiration of each contract of reinsurance transacted by the RB, the RB will keep a complete record for each transaction showing the following:
(1) The type of contract, limits, underwriting restrictions, classes or risks and territory.
(2) Period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation.
(3) Reporting and settlement requirements of balances.
(4) Rate used to compute the reinsurance premium.
(5) Names and addresses of assuming reinsurers.
(6) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the RB.
(7) Related correspondence and memoranda.
(8) Proof of placement.
(9) Details regarding retrocessions handled by the RB, including the identity of retrocessionaires and percentage of each contract assumed or ceded.
(10) Financial records, including but not limited to, premium and loss accounts.
(11) When the RB procures a reinsurance contract on behalf of a licensed ceding insurer:
(A) directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(B) if placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
(b) The insurer shall have access to and the right to copy and audit all accounts and records maintained by the RB related to its business in a form usable by the insurer.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-20. Engagement of Services of Reinsurance Intermediary-Broker; Employment of an Individual Employed by an Rb; Financial Condition; Requirements

Sec. 20. (a) An insurer may not engage the services of any person, firm, association, or corporation to act as a RB on its behalf unless such person is licensed as required by section 12 of this chapter.
(b) An insurer may not employ an individual who is employed by a RB with which it transacts business unless the RB is under common control with the insurer and subject to IC 27-1-23.
(c) The insurer shall annually obtain a copy of statements of the financial condition of each RB with which it transacts business.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-22. Binding of Retrocessions on Behalf of Reinsurers by Rm; Conditions; Reinsurance Syndicates; Appointment of Producers; Payment of Claims; Collection of Payment; Settlements; Employment of Reinsurer Employee; Sub-Rms

Sec. 22. (a) A RM may not bind retrocessions on behalf of the reinsurer, except that the RM may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Guidelines referred to in this subsection must include a list of reinsurers with which the automatic agreements are in effect, and, for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.
(b) A RM may not commit the reinsurer to participate in reinsurance syndicates.
(c) A RM may not appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which the producer is appointed.
(d) A RM may not, without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of:
(1) an amount specified by the reinsurer; or
(2) one percent (1%) of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year before the payment or commitment.
(e) A RM may not collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer.
(f) A RM may not jointly employ an individual who is employed by the reinsurer.
(g) A RM may not appoint a sub-RM.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-23. Engagement of Services of a Reinsurance Intermediary-Manager; Statement of Financial Condition; Loss Reserves; Authority to Contract; Termination; Board of Directors

Sec. 23. (a) A reinsurer may not engage the services of any person, firm, association, or corporation to act as a RM on its behalf unless the person engaged is licensed as required by section 13 of this chapter.
(b) A reinsurer shall annually obtain a copy of statements of the financial condition of each RM which the reinsurer has engaged, prepared by an independent certified accountant in a form acceptable to the commissioner.
(c) If a RM establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM. This opinion shall be in addition to any other required loss reserve certification.
(d) Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer, who must not be affiliated with the RM.
(e) Within thirty (30) days of termination of a contract with a RM, the reinsurer shall provide written notification of the termination to the commissioner.
(f) A reinsurer may not appoint to its board of directors any officer, director, employee, controlling shareholder, or subproducer of its RM. This subsection does not apply to relationships governed by IC 27-1-23.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-24. Examination by Commissioner; Access to Records

Sec. 24. (a) A reinsurance intermediary is subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner.
(b) A RM may be examined as if it were the reinsurer.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-25. Violations; Penalties; Review; Effect on Third Parties

Sec. 25. (a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with IC 4-21.5, to be in violation of any provision of this chapter, shall:
(1) for each separate violation, pay an administrative penalty in an amount not exceeding five thousand dollars ($5,000);
(2) be subject to revocation or suspension of its license; and
(3) if a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the reinsurance intermediary's violation.
(b) The decision, determination, or order of the commissioner pursuant to subsection (a) is subject to judicial review pursuant to IC 4-21.5.
(c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided by law.
(d) Nothing contained in this chapter is intended to, or shall in any manner, limit or restrict the rights of policyholders, claimants, creditors, or other third parties, or confer any rights upon those persons.
As added by P.L.26-1991, SEC.26.
2023 Indiana Code › Title 27. Insurance › Article 6. Reinsurance; Interinsurance; Reciprocal Insurance › Chapter 9. Reinsurance Intermediaries › 27-6-9-26. Rules for Implementation and Administration of Chapter

Sec. 26. The commissioner may adopt rules under IC 4-22-2 for the implementation and administration of this chapter.
As added by P.L.26-1991, SEC.26.
2023 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.
2023 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; or
D. any other form of security acceptable to the insurance commissioner.
As added by P.L.130-2020, SEC.12.
2023 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 Institutions
A. 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Indiana Code › Title 27. Insurance › Article 7. Special Types of Insurance › Chapter 2. Worker's Compensation › 27-7-2-1. Repealed

Formerly: Acts 1935, c.323, s.1. As amended by P.L.252-1985, SEC.227; P.L.28-1988, SEC.86. Repealed by P.L.249-1989, SEC.19.
2023 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.
2023 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.
2023 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.
2023 Indiana Code › Title 27. Insurance › Article 7. Special Types of Insurance › Chapter 2. Worker's Compensation › 27-7-2-3.1. Duties of Bureau

Sec. 3.1. The bureau, in addition to other activities not prohibited, is authorized to do the following:
(1) Develop a statistical plan including class definitions.
(2) Collect statistical data from members, subscribers or any other source.
(3) Prepare and distribute rate data, adjusted for loss development and loss trending, in accordance with its statistical plan. Such data and adjustments shall be in sufficient detail so as to permit companies to modify such rates or minimum premiums based on their own rating methods or interpretations of underlying data.
(4) Prepare and distribute manuals of rating rules and rating schedules.
(5) Distribute information that is filed with the commissioner and open to public inspection.
(6) Conduct research and collect statistics in order to discover, identify, and classify information relating to cause or prevention of losses.
(7) Prepare and file policy forms and endorsements and consult with members, subscribers, and others relative to their use and application.
(8) Collect, compile, and distribute past and current prices of individual companies if such information is made available to the general public.
(9) Conduct research and collect information to determine the impact of benefit level changes on rates.
(10) Prepare and distribute rules and rating values for the experience rating plan. Calculate and disseminate individual risk premium modification.
(11) Assist an individual company to develop minimum premiums, rates, supplementary rate information, or supporting information when so authorized by the individual company.
As added by P.L.249-1989, SEC.4.