CHAPTER 2. APPLICATION OF ARTICLE; DEFINITIONS
IC 27-1-2
Chapter 2. Application of Article; Definitions
IC 27-1-2-1
Citation
Sec. 1. IC 27-1-2 through IC 27-1-20 shall be known and may becited as the Indiana Insurance Law.
(Formerly: Acts 1935, c.162, s.1.) As amended by P.L.252-1985,SEC.3.
IC 27-1-2-2
Application of article
Sec. 2. This article shall be applicable to all persons, firms,partnerships, corporations, associations, orders, societies, andsystems and to associations operating as Lloyds, interinsurers, orindividual underwriters authorized as of March 8, 1935, to makeinsurance under the provisions of any statute enacted prior to March8, 1935, or organized or incorporated before or after March 8, 1935,under the provisions of any statute of this state, or which are doingor attempting to do, or which are representing that they are doing aninsurance business in this state, or which are in process oforganization for the purpose of doing or attempting to do suchbusiness. All domestic, foreign, and alien companies authorized to dobusiness in this state shall be subject to this article; however, anynot-for-profit corporation which pays death benefits to the owner ofa valuable registered horse on the death of said horse shall for thatpurpose not be subject to this article.
(Formerly: Acts 1935, c.162, s.2; Acts 1973, P.L.269, SEC.1.) Asamended by P.L.252-1985, SEC.4; P.L.8-1993, SEC.408.
IC 27-1-2-2.5
Health insurance providers; registration
Sec. 2.5. A person or other entity that provides coverage inIndiana for medical, surgical, chiropractic, physical therapy, speechpathology, audiology, professional mental health, dental, hospital,optometric, or podiatric expenses, whether coverage is by directpayment, reimbursement, or other means, shall:
(1) register with the commissioner; and
(2) indicate in the registration if the coverage provided by theperson or other entity is an employee benefit plan subject to theEmployee Retirement Income Security Act (29 U.S.C. 1001 etseq.).
As added by P.L.147-1990, SEC.1.
IC 27-1-2-3
Definitions
Sec. 3. As used in this article, and unless a different meaningappears from the context: (a) "Insurance" means a contract ofinsurance or an agreement by which one (1) party, for aconsideration, promises to pay money or its equivalent or to do an act
valuable to the insured upon the destruction, loss or injury ofsomething in which the other party has a pecuniary interest, or inconsideration of a price paid, adequate to the risk, becomes securityto the other against loss by certain specified risks; to grant indemnityor security against loss for a consideration.
(b) "Commissioner" means the "insurance commissioner" of thisstate.
(c) "Department" means "the department of insurance" of thisstate.
(d) The term "company" or "corporation" means an insurancecompany and includes all persons, partnerships, corporations,associations, orders or societies engaged in or proposing to engagein making any kind of insurance authorized by the laws of this state.
(e) The term "domestic company" or "domestic corporation"means an insurance company organized under the insurance laws ofthis state.
(f) The term "foreign company" or "foreign corporation" meansan insurance company organized under the laws of any state of theUnited States other than this state or under the laws of any territoryor insular possession of the United States or the District ofColumbia.
(g) The term "alien company" or "alien corporation" means aninsurance company organized under the laws of any country otherthan the United States or territory or insular possession thereof or ofthe District of Columbia.
(h) The term "person" includes individuals, corporations,associations, and partnerships; personal pronoun includes allgenders; the singular includes the plural and the plural includes thesingular.
(k) The term "insurance solicitor" means any natural personemployed to aid an insurance producer in any manner in soliciting,negotiating, or effecting contracts of insurance or indemnity otherthan life.
(l) The term "principal office" means that office maintained by thecorporation in this state, the address of which is required by theprovisions of this article to be kept on file in the office of thedepartment.
(m) The term "articles of incorporation" includes both the originalarticles of incorporation and any and all amendments thereto, exceptwhere the original articles of incorporation only are expresslyreferred to, and includes articles of merger, consolidation andreinsurance, and in case of corporations, heretofore organized,articles of reorganization filed in the office of the secretary of state,and all amendments thereto.
(n) The term "shareholder" means one who is a holder of recordof shares of stock in a corporation, unless the context otherwiserequires.
(o) The term "policyholder" means one who is a holder of acontract of insurance in an insurance company.
(p) The term "member" means one who holds a contract of
insurance or is insured in an insurance company other than a stockcorporation.
(q) The term "capital stock" means the aggregate amount of thepar value of all shares of capital stock.
(r) The term "capital" means the aggregate amount paid in on theshares of capital stock of a corporation issued and outstanding.
(s) The term "life insurance company" means any companymaking one or more of the kinds of insurance set out and defined inclass 1(a) of IC 27-1-5-1.
(t) The term "casualty insurance company" means any companymaking the kind or kinds of insurance set out and defined in class 2of IC 27-1-5-1.
(u) The term "fire and marine insurance company" means anycompany making the kind or kinds of insurance set out and definedin class 3 of IC 27-1-5-1.
(v) The term "certificate of authority" means an instrument inwriting issued by the department to an insurer, which sets out theauthority of such insurer to engage in the business of insurance oractivities connected therewith.
(w) The term "premium" means money or any other thing of valuepaid or given in consideration to an insurer, insurance producer, orsolicitor on account of or in connection with a contract of insuranceand shall include as a part but not in limitation of the above, policyfees, admission fees, membership fees and regular or specialassessments and payments made on account of annuities.
(x) The term "insurer" means a company, firm, partnership,association, order, society or system making any kind or kinds ofinsurance and shall include associations operating as Lloyds,reciprocal or inter-insurers, or individual underwriters.
(y) The terms "assessment plan" and "assessment insurance" meanthe mode or plan and the business of a corporation, association orsociety organized and limited to the making of insurance on the livesof persons and against disability from disease, bodily injury or deathby accident, and which provides for the payment of policy claims,accumulation of reserve or emergency funds, and the expenses of themanagement and prosecution of its business by payments to be madeeither at stated periods named in the contract or upon assessments,and wherein the insured's liability to contribute is not limited to afixed sum.
(z) "Agency billed" refers to a system in which an insured pays apremium directly to an insurance agency.
(Formerly: Acts 1935, c.162, s.3; Acts 1963, c.203, s.1.) As amendedby Acts 1977, P.L.280, SEC.1; P.L.8-1993, SEC.409; P.L.48-2000,SEC.1; P.L.178-2003, SEC.13.
IC 27-1-2-4
Violation of Indiana Insurance Law
Sec. 4. A person who recklessly violates the Indiana InsuranceLaw (chapters 2 through 20 of this article) commits a Class Amisdemeanor, except as otherwise provided.As added by Acts 1978, P.L.2, SEC.2701. Amended by P.L.82-1998,SEC.1.