CHAPTER 20. ADDITIONAL PROVISIONS PERTAINING TO ALL INSURANCE COMPANIES
IC 27-1-20
Chapter 20. Additional Provisions Pertaining to All InsuranceCompanies
IC 27-1-20-1
Insurance of deposited securities
Sec. 1. The department, in the name of the State of Indiana, andfor the benefit of the owners of all securities subject to negotiationby delivery, and deposited with the department or under itssupervision, shall purchase and maintain insurance, in an aggregateamount not to exceed one million dollars, against loss from any causethat the department may deem appropriate.
(Formerly: Acts 1935, c.162, s.248; Acts 1971, P.L.385, SEC.5.)
IC 27-1-20-2
Repealed
(Repealed by Acts 1971, P.L.1, SEC.8.)
IC 27-1-20-3
Eligibility of investments for deposit; existing investments
Sec. 3. Eligible investments made or deposited prior to March 8,1935, shall continue to be eligible for deposit, subject, however, tosection 4 of this chapter.
(Formerly: Acts 1935, c.162, s.250.) As amended by P.L.252-1985,SEC.87.
IC 27-1-20-4
Revaluation of investments omitting interest or dividends
Sec. 4. If any investment when made or purchased conforms to therequirements of this law, or of any law of this state at the date ofsuch deposit, it shall continue to be eligible for deposit for the fullamount thereof so long as: (a) in the case of an interest-bearinginvestment, the interest is not in default for more than two (2) years;and (b) in the case of a dividend-paying investment, the dividends arenot unpaid for more than two (2) years: Provided, however, Thatwhen there shall be a default in the payment of interest, or a failureto pay dividends, for a period of more than two (2) years, thecommissioner may, if he deems it advisable, require the company tofurnish reasonable proof of the then fair value of the investment andthe same shall thereafter continue to be a proper investment andavailable for deposit for the fair value thus determined, notexceeding the amount due on any given promise to pay or the amountpaid for a given share of stock.
(Formerly: Acts 1935, c.162, s.251.)
IC 27-1-20-5
Deposit of securities acquired from foreign life insurer underreinsurance agreement
Sec. 5. Nothing in this law shall prevent the deposit of securitiesand other evidences of ownership of property, acquired from a life
insurance company domiciled in a foreign state or alien country bya domestic life insurance company under a reinsurance agreementapproved by the department, provided such securities and propertycomply with the investment requirements of the state ofincorporation of such reinsured company.
(Formerly: Acts 1935, c.162, s.252.)
IC 27-1-20-6
Transfer of defaulted deposited securities to other depositoryunder financial reorganization agreement; filing receipt; effect ondeposit credit
Sec. 6. If a life insurance company, in order to protect itselfagainst loss on account of defaulted securities issued by a public orprivate corporation and deposited with the department in accordancewith this article, enters into an agreement incidental to the financialreorganization of such corporation, and requiring a deposit of suchsecurities with a committee or a depository designated in suchagreement, such securities may be withdrawn from the deposit withthe department and transferred to the committee or depositorydesignated in such agreement without reducing the deposit credit ofsuch company, provided that a proper receipt executed by thecommittee or depository be filed with the department within fifteen(15) days following the date such securities are withdrawn, or withinsuch further period of time as the commissioner may in his discretionallow.
(Formerly: Acts 1935, c.162, s.253.) As amended by P.L.252-1985,SEC.88.
IC 27-1-20-7
Withdrawal from deposit to pledge for loan; effect; redeposit
Sec. 7. Nothing in this article shall prevent a life insurancecompany, with the commissioner's consent, from withdrawinginvestments from deposit for the purpose of pledging them for a loanor loans, in which case the difference between the deposit value ofsuch investments and the amount of the obligation or obligationsthereby secured shall, unless and until such pledge is foreclosed,continue as a deposit credit, and when such investments are offeredfor deposit they shall be reinstated in all respects to their formerstatus as a deposit.
(Formerly: Acts 1935, c.162, s.254.) As amended by P.L.252-1985,SEC.89.
IC 27-1-20-8
Deposits as a condition of doing business; definitions; securities;bank deposits with restricted withdrawal privileges
Sec. 8. (a) As used in this section:
"Securities" means instruments as defined in IC 26-1-8.1-102.
"Clearing corporation" means a corporation as defined inIC 26-1-8.1-102 except that with respect to securities issued byinstitutions organized or existing under the laws of any foreign
country or securities used to meet the deposit requirements pursuantto the laws of a foreign country as a condition of doing businesstherein. "Clearing corporation" may include a corporation organizedor existing under the laws of any foreign country and which is legallyqualified under such laws to effect transactions in securities bycomputerized book entry.
"Direct participant" means a bank, trust company, or safetydeposit company approved by the commissioner which maintains anaccount in its name in a clearing corporation and through which aninsurance company participates in a clearing corporation.
"Federal Reserve book-entry system" means the computerizedsystems sponsored by the United States Department of the Treasuryand certain agencies and instrumentalities of the United States forholding and transferring securities of the United States governmentand such agencies and instrumentalities, respectively, in FederalReserve Banks through banks which are members of the FederalReserve System, or which otherwise have access to suchcomputerized systems.
"Member bank" means a national bank, state bank or trustcompany which is a member of the Federal Reserve System andthrough which an insurance company participates in the FederalReserve book-entry system.
(b) Notwithstanding any other provision of law, a domesticinsurance company may deposit or arrange for the safekeeping ofsecurities held in or purchased for its general account and its separateaccounts in a clearing corporation or the Federal Reserve book-entrysystem. When securities are deposited with a clearing corporation,certificates representing securities of the same class of the sameissuer may be merged and held in bulk in the name of the nominee ofsuch clearing corporation with any other securities deposited withsuch clearing corporation by any person, regardless of the ownershipof such securities, and certificates representing securities of smalldenominations may be merged into one (1) or more certificates oflarger denominations. The records of any member bank throughwhich an insurance company holds securities in the Federal Reservebook-entry system, and the records of any custodian through whichan insurance company holds securities in a clearing corporation, shallat all times show that such securities are held for such insurancecompany and for which accounts thereof. Ownership of, and otherinterests in, such securities may be transferred by bookkeeping entryon the books of such clearing corporation or in the Federal Reservebook-entry system without, in either case, physical delivery ofcertificates representing such securities.
(c) Any Indiana law requiring an insurance company operatingunder the laws of Indiana to deposit assets with the department shallbe deemed complied with if such deposit is made pursuant to awritten agreement between the insurance company and any bank,trust company or a safety deposit company and approved by thecommissioner which limits withdrawals to those sanctioned andapproved by the department. Deposits so made shall be credited by
the department as deposits in its possession on the basis of theinsurance company's affidavit describing such deposits as to amountand nature.
(d) Notwithstanding any other provisions of law, securitieseligible for deposit under the insurance law of this state relating todeposit of securities by an insurance company as a condition ofcommencing or continuing to do an insurance business in this statemay be deposited with a clearing corporation or held in the FederalReserve book-entry system. Securities deposited with a clearingcorporation or held in the Federal Reserve book-entry system andused to meet the deposit requirements under the insurance laws ofthis state shall be under the control of the commissioner and shall notbe withdrawn by the insurance company without the approval of thecommissioner. Any insurance company holding such securities insuch manner shall provide to the commissioner evidence issued byits custodian or a member bank through which such insurancecompany has deposited securities with a clearing corporation or heldin the Federal Reserve book-entry system, respectively, in order toestablish that the securities are actually recorded in an account in thename of the custodian or other direct participant or member bank andevidence that the records of the custodian, other participant ormember bank reflect that such securities are held subject to the orderof the commissioner.
(e) The commissioner of insurance is authorized to promulgaterules and regulations governing the deposit by insurance companiesof securities with clearing corporations and in the Federal Reservebook-entry system.
(Formerly: Acts 1935, c.162, s.255; Acts 1945, c.175, s.5; Acts 1957,c.22, s.1.) As amended by Acts 1981, P.L.238, SEC.2; Acts 1982,P.L.164, SEC.1; P.L.255-1995, SEC.4; P.L.247-1995, SEC.24.
IC 27-1-20-9
Substitution of securities on deposit; withdrawal of securities inexcess of requirements
Sec. 9. Companies shall have the right at any time to change theirsecurities on deposit, by substituting for those withdrawn a likeamount in other securities of the character provided for in this article,and whenever the net cash value of policies outstanding and in forceagainst any company is less than the amount of securities then ondeposit with the department, said company shall have the right towithdraw such excess, but at least twenty-five thousand dollars($25,000) shall remain on deposit.
(Formerly: Acts 1935, c.162, s.256.) As amended by P.L.252-1985,SEC.90.
IC 27-1-20-10
Disposition of interest earned by securities on deposit
Sec. 10. The department shall permit companies having on depositwith it stocks or bonds as security, to collect the interest accruing onsuch deposits, delivering to their authorized agents, respectively, the
coupons or other evidences of interest as the same become due; butupon default by any company to deposit additional security as calledfor by the department or pending any proceedings for rehabilitation,liquidation or conservation of such company, the department shallcollect the interest as it becomes due and add the same to thesecurities in its possession, or under its control, belonging to suchcompany.
(Formerly: Acts 1935, c.162, s.257.)
IC 27-1-20-11
Discontinuance of business; procedure for return of depositedsecurities
Sec. 11. When any company determines to discontinue itsbusiness and ceases to do business in this state and desires towithdraw its deposit made in this state pursuant to this article, thedepartment shall upon the application of the company and at theexpense of the company give notice of such intention in a newspaperof general circulation in the state once a week for a period of four (4)weeks. After such publication it shall deliver to such company or itsassigns the securities so deposited when it is satisfied uponexamination and investigation made by it or under its authority andupon the oaths of the president or a vice president and the secretaryor an assistant secretary of the company that all debts and liabilitiesof every kind due and to become due which the deposit was made tosecure are paid and extinguished.
(Formerly: Acts 1935, c.162, s.258.) As amended by P.L.252-1985,SEC.91.
IC 27-1-20-12
Retaliatory provisions
Sec. 12. (a) When, by the laws of any other state, any taxes, fines,penalties, licenses, fees, deposits of money or securities, or otherobligations or prohibitions are imposed upon insurance companiesof this or other states, or their agents, greater than are required bylaws of this state, then the same obligations and prohibitions, ofwhatever kind, shall, in like manner for like purposes, be imposedupon all insurance companies of such states and their agents. Allinsurance companies of other nations, under this section, shall beheld as of the state where they have elected to make their deposit andestablish their principal agency in the United States.
(b) Whenever it shall be made to appear to the insurancecommissioner that permission to transact business within any stateof the United States, other than the state of Indiana, or within anyforeign country, is refused to an insurance company organized underthe laws of this state, after a certificate of the solvency and goodmanagement of such company has been issued to it by the insurancecommissioner and after such company has complied with anyreasonable laws of such other state or foreign country requiringdeposits of money or securities with the government of such otherstate or foreign country, then and in every such case, the
commissioner may forthwith cancel the authority of every insurancecompany organized under the laws of such other state or foreigncountry and licensed to do business in this state, and may refuse acertificate of authority to every such company thereafter applying tohim for authority to do business in this state, until his certificate shallhave been duly recognized by the government of such other state orforeign country.
(Formerly: Acts 1935, c.162, s.259; Acts 1937, c.288, s.5.)
IC 27-1-20-13
Fees of secretary of state
Sec. 13. The fees payable to the secretary of the state by insurancecompanies which are organized or reorganized under the laws of thisstate or the laws of any other state, territory or insular possession ofthe United States or the District of Columbia shall be the same as thefees prescribed in chapter 219 of the Acts of the General Assemblyof 1929.
(Formerly: Acts 1935, c.162, s.262.)
IC 27-1-20-14
Pension plan for officers and employees
Sec. 14. Any insurance company organized under the laws of thisstate, in addition to the rights and powers conferred upon it by thelaw under which it was organized and/or under which it operates,shall have the power to establish a pension plan or system for thebenefit of its officers and employees. Before such a plan or systemis adopted by a company, it shall be submitted to and approved bythe commissioner of insurance.
(Formerly: Acts 1935, c.162, s.262a.)
IC 27-1-20-15
Automatic revocation of authority for failure to timely completeorganization
Sec. 15. If any company, whether organized under the provisionsof this article or of any statute enacted prior to March 8, 1935, for thepurpose of making any kind or kinds of insurance, does not completeits organization and proceed with the transaction of business,pursuant to the provisions of the statute under which it is organized,within a period of one (1) year after its articles of incorporation or itsorganization shall have been approved and filed in the office of thesecretary of state, the approval so given shall be deemed to berevoked and such articles of incorporation or such organization shallbe null and void.
(Formerly: Acts 1935, c.162, s.264.) As amended by P.L.252-1985,SEC.92.
IC 27-1-20-16
(Repealed by P.L.1-1989, SEC.75.)
IC 27-1-20-17 Repealed
(Repealed by Acts 1978, P.L.2, SEC.2728.)
IC 27-1-20-18
Repealed
(Repealed by Acts 1976, P.L.122, SEC.1.)
IC 27-1-20-19
Misrepresentation of funds available to pay losses or policy claims
Sec. 19. No company doing business in this state or agent thereofshall state or represent by advertisement in any newspaper, periodicalor magazine or by any sign, circular, card, policy of insurance orcertificate of renewal thereof or otherwise that any funds or assetsare in possession of such company which are not actually owned byit and available for the payment of losses and claims and held for theprotection of its policyholders and creditors. Funds deposited by anycompany, under depository laws of this or other states, shall beconsidered as in the company's possession for the payment of lossesor policy claims.
(Formerly: Acts 1935, c.162, s.267.)
IC 27-1-20-20
Financial statement; requirements; violations; penalties
Sec. 20. Except as otherwise provided in this section, everyadvertisement or public announcement and every sign, circular orcard issued or displayed by any domestic, foreign or alien companydoing business in this state, purporting to make known its financialcondition, shall state the amount of its paid-up capital, the assetsowned, its liabilities, including therein the premium and loss reservesrequired by law, and the amount of net surplus of admitted assetsover all its liabilities actually available for the payment of its lossesand claims and held for the protection of its policyholders and shallcorrespond to the next preceding verified statement made to thedepartment by such company. The foregoing shall not apply to astatement showing only the capital stock paid up and the surplusseparately and combined, but such items shall not be in excess of thecorresponding items shown on the verified statements made by suchcompany to the department next preceding the making or issuing ofthe same. Every advertisement or public announcement and everysign, circular or card issued or displayed by an alien company doingbusiness in this state, purporting to make known its financialcondition, shall segregate and state separately the capital and assetsheld by its United States branch, the liabilities, including therein thepremium and loss reserves required by law, and the amount of netsurplus of assets over all its liabilities actually available for thepayment of its losses and claims and held for the protection of itspolicyholders in the United States and shall correspond to the nextpreceding verified annual statement made by such company to thecommissioner.
Despite any other provision of the laws of this state an insurer
may, subject to requirements set forth by regulation promulgated bythe Commissioner, publish financial statements or information basedon financial statements prepared on a basis which is in accordancewith requirements of a competent authority and which differs fromthe basis of the statements which have been filed with the InsuranceCommissioner. Such differing financial statements or informationbased on financial statements shall not be made the basis for theapplication of provisions of any laws of this state not relating solelyto the publication of financial information unless such provisionsspecifically so require.
For every willful violation of this section and section 19 of thischapter by any such company or by an agent thereof the companyshall forfeit for the first offense to the state of Indiana the sum of fivehundred dollars ($500) and for every subsequent offense the sum ofone thousand dollars ($1,000), which, when recovered, shall be paidto the state treasurer.
(Formerly: Acts 1935, c.162, s.268; Acts 1974, P.L.123, SEC.1.)
IC 27-1-20-21
Annual financial statement; microfilm copies
Sec. 21. Every company doing business in this state shall file withthe department on or before March 1 in each year a financialstatement for the year ending December 31 immediately precedingin a format in accordance with IC 27-1-3-13. For good and sufficientcause shown, the commissioner may grant to any individual companya reasonable extension of time not to exceed ninety (90) days withinwhich such statement may be filed. Such statement shall be verifiedby the oaths of the president or a vice president and the secretary oran assistant secretary of the company. The statement of an aliencompany shall segregate and state separately its condition andtransaction in the United States and such segregated and separatedstatement shall be verified by the oath of its resident manager orprincipal representative in the United States. The commissioner ofinsurance may, with the approval of the commission on publicrecords, authorize the destruction of such annual statements whichhave been on file for two (2) years or more and microfilm copies ofwhich have been made and filed.
(Formerly: Acts 1935, c.162, s.269; Acts 1957, c.124, s.1.) Asamended by P.L.252-1985, SEC.94; P.L.159-1986, SEC.4;P.L.271-1987, SEC.3; P.L.3-1989, SEC.151; P.L.246-1989, SEC.1;P.L.130-1994, SEC.26; P.L.116-1994, SEC.36; P.L.1-1998,SEC.140; P.L.268-1999, SEC.8.
IC 27-1-20-21.1
Repealed
(Repealed by P.L.1-1990, SEC.257.)
IC 27-1-20-21.2
Civil penalty; failure to comply with IC 27-1-20-21
Sec. 21.2. The commissioner may impose a civil penalty of five
hundred dollars ($500) under IC 4-21.5-3 on an insurance companythat fails to comply with section 21 of this chapter.
As added by P.L.1-1990, SEC.258.
IC 27-1-20-21.3
Actuarial opinions
Sec. 21.3. (a) Every domestic casualty insurance company,domestic fire and marine insurance company, and domestic life andhealth insurance company shall include an actuarial opinion as anadditional part of the financial statement required under section 21of this chapter. The commissioner shall adopt rules under IC 4-22-2that:
(1) prescribe the form and content of the actuarial opinionrequired by this section; and
(2) establish minimum qualifications that an actuary must meetin order to provide the actuarial opinion required under thissection.
(b) The actuarial opinion required by subsection (a) shall beincluded with every annual statement beginning with the statementfor calendar year 1994.
As added by P.L.1-1990, SEC.259. Amended by P.L.130-1994,SEC.27; P.L.116-1994, SEC.37; P.L.14-2000, SEC.57.
IC 27-1-20-22
Verification of accounts and reports
Sec. 22. Whenever any provision of this article requires that thereshall be filed any verified account, report, or other paper by anyperson, firm, or corporation, such account, report, or other papershall be executed by the person or persons filing such account,report, or other paper or by the president or such other officer as maybe designated by the board of directors of any corporation filing suchaccount, report, or other paper, and the truth of the matters thereinstated shall be sworn to under oath by such person or by suchpresident or other officer, before a notary public or other officer dulyqualified to administer oaths.
(Formerly: Acts 1935, c.162, s.270.) As amended by P.L.252-1985,SEC.95.
IC 27-1-20-23
Remedies of receivership exclusive with department; exception infavor of judgment creditor
Sec. 23. No order, judgment, or decree providing for anaccounting or enjoining, restraining, or interfering with the operationof the business of any insurance company, association, or society, towhich any provision of this article is applicable, or for theappointment of a temporary or permanent receiver thereof, shall bemade or granted otherwise than upon the application of thedepartment, except in an action by a judgment creditor or inproceedings supplemental to execution.
(Formerly: Acts 1935, c.162, s.270a.) As amended by P.L.252-1985,
SEC.96.
IC 27-1-20-24
Repealed
(Repealed by Acts 1978, P.L.2, SEC.2728.)
IC 27-1-20-25
Organization of new companies on Lloyds or assessment planprohibited; surplus requirement for reciprocal plan
Sec. 25. (a) A domestic company that organized after March 7,1935, may not operate:
(1) an insurance business on the assessment plan; or
(2) an insurance business as Lloyds.
(b) A domestic company may not operate an insurance businesson the reciprocal plan as an interinsurer or individual underwriterunless it has a surplus over all policy liabilities of not less than twohundred fifty thousand dollars ($250,000).
(Formerly: Acts 1935, c.162, s.272.) As amended by Acts 1977,P.L.282, SEC.4.
IC 27-1-20-26
Exemption from article of a farm mutual insurance company
Sec. 26. Except as provided in IC 27-5.1-2-8, the provisions ofthis article shall not apply to a farm mutual insurance company orany similar company organized and operating under IC 27-5 (beforeits repeal) or IC 27-5.1, nor shall any provision of this article beconstrued as repealing any provision of the statutes applicable to thecompanies and associations referred to in this section.
(Formerly: Acts 1935, c.162, s.272a.) As amended by P.L.252-1985,SEC.97; P.L.129-2003, SEC.4.
IC 27-1-20-27
Exemption of domestic mutual fire insurance companies
Sec. 27. The provisions of IC 27-1-5 through IC 27-1-19 and thischapter shall not apply to any domestic mutual fire insurancecompany or association licensed as of March 8, 1935, originallyorganized and operated by farmers to insure farm property.
(Formerly: Acts 1935, c.162, s.272b.) As amended by P.L.252-1985,SEC.98.
IC 27-1-20-28
Exemption of interinsurance associations or reciprocal orinterinsurance exchanges dealing with worker's compensationinsurance
Sec. 28. The provisions of this article shall not apply to anyinterinsurance association or reciprocal or interinsurance exchangeorganized under and by virtue of Acts 1915, c.106, as amended andsupplemented, and formed and operating on or before January 1,1991, for the sole purpose of writing worker's compensationinsurance.(Formerly: Acts 1935, c.162, s.272c.) As amended by P.L.252-1985,SEC.99; P.L.28-1988, SEC.78; P.L.170-1991, SEC.26.
IC 27-1-20-29
Exemption of abstract and title insurance companies
Sec. 29. Nothing contained in this article shall be construed toaffect or apply to any corporation organized before March 8, 1935,under any law of this state which is authorized to engage in themaking of abstracts of title to real estate and the issuing ofcertificates insuring or guaranteeing the titles to real estate.
(Formerly: Acts 1935, c.162, s.272d.) As amended by P.L.252-1985,SEC.100.
IC 27-1-20-30
Rebate of premium or commission; unfair competition
Sec. 30. (a) No company acting through its officers or members,attorney-in-fact, or by any other party, no officer of a company actingon the officer's own behalf and no insurance producer, broker, orsolicitor, personally or by any other party, shall offer, promise, allow,give, set off or pay, directly or indirectly, any rebate of or part of thepremium payable on a policy, or any insurance producer'scommission thereon, or earnings, profits, dividends or other benefitsfounded, arising, accruing, or to accrue thereon or therefrom, or anyspecial advantage in date of policy or age of issue, or any paidemployment or contract for services of any kind, or any othervaluable consideration or inducement, to or for insurance on any riskin this state, now or hereafter to be written, or for or upon anyrenewal of any such insurance, which is not specified in the policycontract of insurance, or offer, promise, give, option, sell or purchaseany stocks, bonds, securities, or property, or any dividends or profitsaccruing or to accrue thereon, or other thing of value whatsoever asinducement to insurance or in connection therewith, or any renewalthereof, which is not specified in the policy. Nothing in this sectionshall prevent a company which transacts industrial life insurance ona weekly payment plan from returning to policyholders who havemade a premium payment for a period of at least one (1) year directlyto the company at its home or district office a percentage of premiumwhich the company would otherwise have paid for the weeklycollection of such premium, nor shall this section be construed toprevent the taking of a bona fide obligation, with legal interest, inpayment of any premium.
(b) No insured person or party or applicant for insurance shalldirectly or indirectly, receive or accept, or agree to receive or accept,any rebate of premium or of any part thereof, or all or any part of anyinsurance producer's or broker's commission thereon, or any favor oradvantage, or share in any benefit to accrue under any policy ofinsurance, or any valuable consideration or inducement, other thansuch as are specified in the policy.
(Formerly: Acts 1935, c.162, s.273.) As amended by Acts 1978,P.L.2, SEC.2713; P.L.178-2003, SEC.20.
IC 27-1-20-31
Restrictions on interlocking directorates
Sec. 31. Insurance corporations may have interlockingdirectorates, provided no person at the same time shall be a directorin two (2) or more insurance corporations where the effect may be tosubstantially lessen competition generally or tend to create amonopoly. Whenever the commissioner of insurance has reason tobelieve that there is a violation of this section, he shall have theauthority to proceed to an adjudication of the violation underIC 4-21.5-3.
(Formerly: Acts 1935, c.162, s.273a; Acts 1949, c.90, s.1.) Asamended by P.L.252-1985, SEC.101; P.L.7-1987, SEC.139.
IC 27-1-20-32
Effect of captions
Sec. 32. No caption of any section or set of sections of Acts 1935,c.162 shall in any way affect the interpretation of this article or anyprovision of this article.
(Formerly: Acts 1935, c.162, s.275.) As amended by P.L.252-1985,SEC.102.
IC 27-1-20-33
Annual statement convention blank, additional filings, andquarterly statements; filings with NAIC
Sec. 33. (a) As used in this section, "insurer" refers to each:
(1) domestic company;
(2) foreign company; and
(3) alien company;
that is authorized to transact business in Indiana.
(b) As used in this section, "NAIC" means the NationalAssociation of Insurance Commissioners.
(c) On or before March 1 of each year, an insurer shall file withthe National Association of Insurance Commissioners and with thedepartment a copy of the insurer's annual statement convention blankand additional filings prescribed by the commissioner for thepreceding year. An insurer shall also file quarterly statements withthe NAIC and with the department on or before May 15, August 15,and November 15 of each year in a form prescribed by thecommissioner. The information filed with the NAIC under thissubsection:
(1) must be:
(A) in the same format; and
(B) of the same scope;
as is required by the commissioner under section 21 of thischapter;
(2) to the extent required by the NAIC, must include the signedjurat page and the actuarial certification; and
(3) must be filed electronically in accordance with NAICelectronic filing specifications.
The commissioner may grant an exemption from the requirement of
subdivision (3) to domestic companies that operate only in Indiana.If an insurer files any amendment or addendum to an insurer's annualstatement convention blank or quarterly statement with thecommissioner, the insurer shall also file a copy of the amendment oraddendum with the NAIC. Annual and quarterly financial statementsare deemed filed with the NAIC when delivered to the addressdesignated by the NAIC for the filings regardless of whether thefiling is accompanied by any applicable fee.
(d) The commissioner may, for good cause, grant an insurer anextension of time for the filing required by subsection (c).
(e) A foreign company that:
(1) is domiciled in a state that has a law substantially similar tosubsection (c); and
(2) complies with that law;
shall be considered to be in compliance with this section.
(f) In the absence of actual malice:
(1) members of the NAIC;
(2) duly authorized committees, subcommittees, and task forcesof members of the NAIC;
(3) delegates of members of the NAIC;
(4) employees of the NAIC; and
(5) other persons responsible for collecting, reviewing,analyzing, and disseminating information developed from thefiling of annual statement convention blanks under this section;
shall be considered to be acting as agents of the commissioner underthe authority of this section and are not subject to civil liability forlibel, slander, or any other cause of action by virtue of the collection,review, analysis, or dissemination of the data and informationcollected from the filings required by this section.
(g) The commissioner may suspend, revoke, or refuse to renew thecertificate of authority of an insurer that fails to file the insurer'sannual statement convention blank or quarterly statements with theNAIC or with the department within the time allowed by subsection(c) or (d).
As added by P.L.121-1992, SEC.3. Amended by P.L.251-1995,SEC.16; P.L.91-1998, SEC.7; P.L.268-1999, SEC.9.
IC 27-1-20-34
Repealed
(Repealed by P.L.193-2006, SEC.33.)