IC 27-1-18
    Chapter 18. Additional Provisions Pertaining to Foreign and AlienCompanies

IC 27-1-18-1
Policy provisions; foreign insurers; domestic insurers doingbusiness in foreign state
    Sec. 1. The policies of a foreign or alien life insurance company,may, when issued in this state, contain any provision which the lawsof the state, territory, district, or country under which the companyis organized prescribes shall be in such policies and the method ofvaluation of such policies required by the laws of the state, territory,district, or country where such company is organized, shall beaccepted by the department, and the policies of a life insurancecompany organized under the laws of this state may, when issued ordelivered in any other state, territory, district, or country contain anyprovisions required by the laws of the state, territory, district, orcountry in which the same are issued or delivered, anything in thisarticle other than in IC 27-1-12-5(5) to the contrary notwithstanding,provided that the provisions of the laws of such state, territory,district, or country are shown to the satisfaction of the department toas carefully safeguard the policyholders as do the laws of this state.
(Formerly: Acts 1935, c.162, s.234.) As amended by P.L.252-1985,SEC.76.

IC 27-1-18-2
Gross premium privilege tax
    Sec. 2. (a) Every insurance company not organized under the lawsof this state, and each domestic company electing to be taxed underthis section, and doing business within this state shall, on or beforeMarch 1 of each year, report to the department, under the oath of thepresident and secretary, the gross amount of all premiums receivedby it on policies of insurance covering risks within this state, or inthe case of marine or transportation risks, on policies made, written,or renewed within this state during the twelve (12) month periodending on December 31 of the preceding calendar year. From theamount of gross premiums described in this subsection shall bededucted:
        (1) considerations received for reinsurance of risks within thisstate from companies authorized to transact an insurancebusiness in this state;
        (2) the amount of dividends paid or credited to residentinsureds, or used to reduce current premiums of residentinsureds;
        (3) the amount of premiums actually returned to residents onaccount of applications not accepted or on account of policiesnot delivered; and
        (4) the amount of unearned premiums returned on account ofthe cancellation of policies covering risks within the state.
    (b) A domestic company shall be taxed under this section only in

each calendar year with respect to which it files a notice of election.The notice of election shall be filed with the insurance commissionerand the commissioner of the department of state revenue on or beforeNovember 30 in each year and shall state that the domestic companyelects to submit to the tax imposed by this section with respect to thecalendar year commencing January 1 next following the filing of thenotice. The exemption from license fees, privilege, or other taxesaccorded by this section to insurance companies not organized underthe laws of this state and doing business within this state which aretaxed under this chapter shall be applicable to each domesticcompany in each calendar year with respect to which it is taxedunder this section. In each calendar year with respect to which adomestic company has not elected to be taxed under this section itshall be taxed without regard to this section.
    (c) For the privilege of doing business in this state, everyinsurance company required to file the report provided in this sectionshall pay into the treasury of this state an amount equal to the excess,if any, of the gross premiums over the allowable deductionsmultiplied by the following rate for the year that the report covers:
        (1) For 2000, two percent (2%).
        (2) For 2001, one and nine-tenths percent (1.9%).
        (3) For 2002, one and eight-tenths percent (1.8%).
        (4) For 2003, one and seven-tenths percent (1.7%).
        (5) For 2004, one and five-tenths percent (1.5%).
        (6) For 2005 and thereafter, one and three-tenths percent(1.3%).
    (d) Payments of the tax imposed by this section shall be made ona quarterly estimated basis. The amounts of the quarterly installmentsshall be computed on the basis of the total estimated tax liability forthe current calendar year and the installments shall be due andpayable on or before April 15, June 15, September 15, and December15, of the current calendar year.
    (e) Any balance due shall be paid in the next succeeding calendaryear at the time designated for the filing of the annual report with thedepartment.
    (f) Any overpayment of the estimated tax during the precedingcalendar year shall be allowed as a credit against the liability for thefirst installment of the current calendar year.
    (g) In the event a company subject to taxation under this sectionfails to make any quarterly payment in an amount equal to at least:
        (1) twenty-five percent (25%) of the total tax paid during thepreceding calendar year; or
        (2) twenty per cent (20%) of the actual tax for the currentcalendar year;
the company shall be liable, in addition to the amount due, forinterest in the amount of one percent (1%) of the amount due andunpaid for each month or part of a month that the amount due,together with interest, remains unpaid. This interest penalty shall beexclusive of and in addition to any other fee, assessment, or chargemade by the department.    (h) The taxes under this article shall be in lieu of all license feesor privilege or other tax levied or assessed by this state or by anymunicipality, county, or other political subdivision of this state. Nomunicipality, county, or other political subdivision of this state shallimpose any license fee or privilege or other tax upon any insurancecompany or any of its agents for the privilege of doing an insurancebusiness therein, except the tax authorized by IC 22-12-6-5.However, the taxes authorized under IC 22-12-6-5 shall be creditedagainst the taxes provided under this chapter. This section shall notbe construed to prohibit the levy and collection of state, county, ormunicipal taxes upon real and tangible personal property of suchcompany, or to prohibit the levy of any retaliatory tax, fine, penalty,or fee provided by law. However, all insurance companies, foreignor domestic, paying taxes in this state predicated in part on theirpremium income from policies sold and premiums received inIndiana, shall have the same rights and privileges from furthertaxation and shall be given the same credits wherever applicable, asthose set out for those companies paying only a tax on premiums asset out in this section.
    (i) Any insurance company failing or refusing, for more thanthirty (30) days, to render an accurate account of its premiumreceipts as provided in this section and pay the tax due thereon shallbe subject to a penalty of one hundred dollars ($100) for eachadditional day such report and payment shall be delayed, not toexceed a maximum penalty of ten thousand dollars ($10,000). Thepenalty may be ordered by the commissioner after a hearing underIC 4-21.5-3. The commissioner may revoke all authority of suchdefaulting company to do business within this state, or suspend suchauthority during the period of such default, in the discretion of thecommissioner.
(Formerly: Acts 1935, c.162, s.235; Acts 1963, c.301, s.1; Acts 1971,P.L.386, SEC.1.) As amended by P.L.252-1985, SEC.77;P.L.245-1987, SEC.15; P.L.268-1999, SEC.7; P.L.144-2000, SEC.2.

IC 27-1-18-3
Amendment of articles; filing copies; effect
    Sec. 3. Each foreign or alien corporation admitted to do businessin this state shall keep on file in the office of the department a dulyauthenticated copy of each instrument amending its articles ofincorporation or association, but the filing of any such instrumentshall not of itself enlarge or alter the character of business which theforeign corporation is authorized to transact in this state as set forthin the certificate of admission, unless such foreign corporation applyfor and receive an amended certificate of admission as provided forin section 4 of this chapter.
(Formerly: Acts 1935, c.162, s.236.) As amended by P.L.252-1985,SEC.78.

IC 27-1-18-4
Amended certificate of authority    Sec. 4. (a) Any foreign or alien corporation admitted to dobusiness in this state may alter or enlarge the character of thebusiness which it is authorized to transact in this state under itsarticles of incorporation or association, and any amendments thereoffiled with the department as provided in section 3 of this chapter, byprocuring an amended certificate of authority from the department inthe manner provided in subsection (b).
    (b) Whenever a foreign or alien corporation desires to procuresuch amended certificate, it shall present to the department at itsoffice, accompanied by the fees prescribed by law, an application foran amended certificate of authority, setting forth the change desiredin the kind or kinds of insurance business under its articles ofincorporation or association which it intends to thereafter carry on inthis state; the application shall be filed in duplicate in the formprescribed by the department by the president or a vice president andthe secretary or an assistant secretary of the corporation, and verifiedby the oaths of the officers signing the same.
    (c) Upon the presentation of such application, accompanied by thecorporation's certificate of authority, the department, if it find that itconforms to law and that the foreign or alien company has fulfilledthe requirements set forth in subsection (b) and in section 3 of thischapter, may endorse its approval upon each of the duplicate copiesof the application, and, in case of the approval of such applicationand when all fees required by law shall have been paid, shall file one(1) copy of the application in its office, cancel the certificate ofauthority presented with the application, and issue to the corporationa new certificate of authority, which certificate shall set forth thekind or kinds of business that the corporation is authorized thereafterto transact in this state, which shall be accompanied by one (1) copyof the application bearing the endorsement of the approval of thedepartment.
    (d) Upon the issuance of the new certificate of authority by thedepartment, the corporation therein named shall have authoritythereafter to transact in this state the kind or kinds of insurancebusiness set forth in such certificate, subject to the terms andconditions prescribed in this article.
(Formerly: Acts 1935, c.162, s.237.) As amended by P.L.252-1985,SEC.79.

IC 27-1-18-5
Condensed statement of assets and liabilities; examination;correction of statement; publication; expense
    Sec. 5. At the time of filing its annual statement, an alien orforeign company shall submit, on a form prescribed by thedepartment, a condensed statement of its assets and liabilities as ofDecember 31 of the preceding year. If the department, onexamination of such statement, determines from informationavailable to it that it is true and correct, it shall cause such statementto be published in a newspaper in this state selected by thedepartment. In the event the department determines that the statement

submitted by a company is inaccurate or incorrect, it shall, aftergiving the company notice of the proposed changes and anopportunity to be heard, certify the corrected statement and proceedwith its publication as above provided. The company shall bear theexpenses of the publication, but in no event shall an amountexceeding forty dollars ($40) be charged for such publication. Anycost of publication that exceeds forty dollars ($40) must be borne bythe newspaper publishing the statement.
(Formerly: Acts 1935, c.162, s.238; Acts 1971, P.L.385, SEC.4.) Asamended by P.L.267-1987, SEC.2; P.L.160-2003, SEC.3.

IC 27-1-18-6
Procedure for withdrawal
    Sec. 6. (a) Any foreign or alien corporation admitted to dobusiness in this state may withdraw from this state by surrenderingits certificate of authority and by filing with the department,accompanied by the fees prescribed by law, a statement ofwithdrawal setting forth:
        (1) the name of the corporation and the state, country, province,or government wherein it is incorporated or organized, or thestate in which it is domiciled in the United States;
        (2) the date of the issuance of the original certificate ofauthority;
        (3) that it surrenders its authority to transact business in thisstate and returns for cancellation its certificate of authority; and
        (4) a post office address to which the commissioner may maila copy of any process against the withdrawing company thatmay be served upon him.
    (b) Such statement shall be signed, in the form prescribed by thedepartment, by the president or a vice president and the secretary oran assistant secretary of the corporation, and shall be verified by theoaths of the officers signing the same.
    (c) The statement as provided for in this section shall be filed withthe department, accompanied by a report of taxable premiums asprovided for in section 2 of this chapter, the amount of tax shown tobe due and payable by such report, its certificate of authority, andafter the payment of the fees prescribed by law, the department shallcancel the certificate of authority and endorse the same thereon, andreturn such cancelled certificate to the company, and the authority ofthe company to transact an insurance business in this state shallcease, but the withdrawal and cessation of business shall not affectany action by or against such corporation pending at the time thereof,or any right of action existing at or before the filing of suchstatement, in favor of or against such company.
(Formerly: Acts 1935, c.162, s.239.) As amended by P.L.252-1985,SEC.80.