CHAPTER 10. RISK RETENTION GROUPS
IC 27-7-10
Chapter 10. Risk Retention Groups
IC 27-7-10-1
"Commissioner" defined
Sec. 1. As used in this chapter, "commissioner" means:
(1) the insurance commissioner of Indiana appointed underIC 27-1-1-2; or
(2) the commissioner, director, or superintendent of insuranceof any other state.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-2
"Completed operations liability" defined
Sec. 2. As used in this chapter, "completed operations liability"means liability arising out of the installation, maintenance, or repairof any product at a site that is not owned or controlled by:
(1) any person who performs that work; or
(2) any person who hires an independent contractor to performthat work.
However, the term includes liability for activities that are completedor abandoned before the date of the occurrence giving rise to theliability.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-3
"Domicile" defined
Sec. 3. As used in this chapter to determine the state in which apurchasing group is domiciled, "domicile" means the following:
(1) For a corporation, the state in which the purchasing groupis incorporated.
(2) For an unincorporated entity, the state of its principal placeof business.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-4
"Hazardous financial condition" defined
Sec. 4. As used in this chapter, "hazardous financial condition"means that, based on its present or reasonably anticipated financialcondition, a risk retention group, although not yet financiallyimpaired or insolvent, is unlikely to be able to:
(1) meet obligations to policyholders with respect to knownclaims and reasonably anticipated claims; or
(2) pay other obligations in the normal course of business.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-5
"Insurance" defined
Sec. 5. As used in this chapter, "insurance" means primaryinsurance, excess insurance, reinsurance, surplus lines insurance, and
any other arrangement for shifting and distributing risk that isdetermined to be insurance under the laws of Indiana.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-6
"Liability" defined
Sec. 6. (a) As used in this chapter, "liability" means legal liabilityfor damages (including costs of defense, legal costs and fees, andother claims expenses) because of injuries to other persons, damageto their property, or other damage or loss to other persons, resultingfrom or arising out of:
(1) any business (whether profit or nonprofit), trade, product,services (including professional services), premises, oroperations; or
(2) any activity of any state or local government, or any agencyor political subdivision of state or local government.
(b) The term "liability" does not include:
(1) personal risk liability; or
(2) an employer's liability with respect to its employees otherthan legal liability under the Federal Employers' Liability Act(45 U.S.C. 51 et seq.).
As added by P.L.162-1988, SEC.2.
IC 27-7-10-7
"Personal risk liability" defined
Sec. 7. As used in this chapter, "personal risk liability" meansliability for damages because of injury to any person, damage toproperty, or other loss or damage resulting from any personal,familial, or household responsibilities or activities, rather than fromresponsibilities or activities referred to in section 6(a) of this chapter.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-8
"Plan of operation or feasibility study" defined
Sec. 8. As used in this chapter, "plan of operation or feasibilitystudy" means an analysis that presents the expected activities andresults of a risk retention group including, at a minimum, thefollowing:
(1) Information sufficient to verify that the members of the riskretention group are engaged in businesses or activities similaror related with respect to the liability to which those membersare exposed by virtue of any related, similar, or commonbusiness, trade, product, services, premises, or operations.
(2) For each state in which the risk retention group intends tooperate, the coverages, deductibles, coverage limits, rates, andrating classification systems for each line of insurance the groupintends to offer.
(3) Historical and expected loss experience of the proposedmembers of the risk retention group and national experience ofsimilar exposures to the extent that this experience is
reasonably available.
(4) Pro forma financial statements and projections.
(5) Appropriate opinions by a qualified, independent casualtyactuary, including a determination of minimum premium orparticipation levels required to commence operations and toprevent a hazardous financial condition.
(6) Identification of management, underwriting, and claimsprocedures, marketing methods, managerial oversight methods,investment policies, and reinsurance agreements.
(7) Identification of each state in which the risk retention grouphas obtained, or sought to obtain, a charter and license, and adescription of its status in each state.
(8) Such other matters as may be prescribed by thecommissioner of the state in which the risk retention group ischartered for liability insurance companies authorized by theinsurance laws of that state.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-9
"Product liability" defined
Sec. 9. (a) As used in this chapter, "product liability" meansliability for damages because of any personal injury, death,emotional harm, consequential economic damage, or propertydamage (including damages resulting from the loss of use ofproperty) arising out of the manufacture, design, importation,distribution, packaging, labeling, lease, or sale of a product.
(b) The term "product liability" does not include the liability of aperson for damages described in subsection (a) if the productinvolved was in the possession of that person when the incidentgiving rise to the liability occurred.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-10
"Purchasing group" defined
Sec. 10. As used in this chapter, "purchasing group" means anygroup that:
(1) has as one of its purposes the purchase of liability insuranceon a group basis;
(2) purchases liability insurance:
(A) only for its group members; and
(B) only to cover the liability with respect to which thebusinesses or activities of the group members are similar orrelated;
(3) is composed of members whose businesses or activities aresimilar or related with respect to the liability to which themembers are exposed by virtue of any related, similar, orcommon business, trade, product, services, premises, oroperations; and
(4) is domiciled in any state.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-11
"Risk retention group" defined
Sec. 11. (a) As used in this chapter, "risk retention group" meansany corporation or other limited liability association:
(1) whose primary activity consists of assuming and spreadingall or any portion of the liability exposure of its group members;
(2) that is organized for the primary purpose of conducting theactivity described in subdivision (1);
(3) that:
(A) is chartered and licensed as a liability insurancecompany and authorized to engage in the business ofinsurance under the laws of any state; or
(B) before January 1, 1985, was chartered or licensed andauthorized to engage in the business of insurance under thelaws of Bermuda or the Cayman Islands and, before January1, 1985, had certified to the insurance commissioner of atleast one (1) state that it satisfied the capitalizationrequirements of that state;
(4) that does not exclude any person from membership in thegroup solely to provide the members of the group a competitiveadvantage over that person;
(5) that:
(A) has as its owners only persons who comprise themembership of the risk retention group and who areprovided insurance by that group; or
(B) has as its sole owner an organization which:
(i) has as its members only persons who comprise themembership of the risk retention group; and
(ii) is owned entirely by persons who comprise themembership of the risk retention group and who areprovided insurance by that group;
(6) whose members are engaged in businesses or activitiessimilar or related with respect to the liability to which themembers are exposed by virtue of any related, similar, orcommon business, trade, product, services, premises, oroperations;
(7) whose activities do not include the provision of insuranceother than:
(A) liability insurance for assuming and spreading all or anyportion of the liability of its group members; and
(B) reinsurance with respect to the liability of:
(i) any other risk retention group; or
(ii) any member of any other risk retention group;
that is engaged in business or activities that would make thegroup or group member eligible for membership, undersubdivision (6), in the risk retention group that provides thereinsurance;
(8) whose name includes the phrase "Risk Retention Group".
(b) The term "risk retention group" includes a corporation orlimited liability association described in subsection (a)(3)(B): (1) only if that corporation or association has been engaged inbusiness continuously since January 1, 1985; and
(2) only for the purpose of continuing to provide insurance tocover product liability or completed operations liability.
As used in this subsection, the terms "product liability" and"completed operations liability" have the meanings set forth in 15U.S.C. 3901 before October 27, 1986.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-12
"State" defined
Sec. 12. As used in this chapter, "state" means any state of theUnited States or the District of Columbia.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-13
Establishment of risk retention groups; certificate of authority;submission of plan of operation or feasibility study; revision ofplan; required information
Sec. 13. (a) This section governs the establishment of a riskretention group in Indiana.
(b) A risk retention group may be organized and may obtain acertificate of authority under IC 27-1-6 to write only liabilityinsurance pursuant to this chapter. Except as otherwise provided inthis chapter, a risk retention group established under this sectionshall comply with:
(1) all laws and rules that apply to insurers that are charteredand licensed in Indiana; and
(2) sections 14 through 22 of this chapter;
to the extent that the requirements referred to in subdivisions (1) and(2) are not a limitation on the laws, rules, or requirements of thisstate.
(c) Before a risk retention group to be established under thissection may offer insurance in any state, the organizers of the riskretention group shall submit for approval to the commissioner of thisstate a plan of operation or feasibility study. The risk retention groupshall submit an appropriate revision in the event of any subsequentmaterial change in an item of the plan of operation or feasibilitystudy, within ten (10) days of the change. A risk retention groupestablished under this section may not offer any additional kinds ofliability insurance, in Indiana or any other state, until a revision ofthe plan of operation or feasibility study is approved by thecommissioner.
(d) At the time that an application is submitted for a certificate ofauthority for a risk retention group, the organizers of the riskretention group shall provide to the commissioner of this state, insummary form, the following information:
(1) The identity of the initial members of the group.
(2) The identity of those individuals who organized the groupor who will provide administrative services or otherwise
influence or control the activities of the group.
(3) The amount and nature of initial capitalization of the group.
(4) The types of insurance coverage to be afforded by the group.
(5) The states in which the group intends to operate.
(e) Upon receiving the information required by subsection (d), thecommissioner of this state shall forward the information to theNational Association of Insurance Commissioners. The requirementto provide information to the National Association of InsuranceCommissioners under this section is in addition to all otherrequirements of this chapter, and providing this information does notsatisfy the requirements of sections 14 through 22 or any othersections of this chapter.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-14
Foreign risk retention groups seeking to do or doing business inIndiana; required information
Sec. 14. (a) A risk retention group that is chartered and licensedin a state other than Indiana and that seeks to do business in Indianashall comply with this section and with sections 15 through 22 of thischapter.
(b) Before offering insurance in Indiana, a risk retention groupshall submit to the commissioner the following:
(1) A statement that sets forth the following:
(A) The state or states in which the risk retention group ischartered and licensed as a liability insurance company.
(B) The date on which the charter of the group was issued.
(C) The group's principal place of business.
(D) Any other information (including information on themembership of the group) that the commissioner may requireto verify that the group meets the definition of risk retentiongroup in section 11 of this chapter.
(2) A copy of the plan of operations or feasibility study, and ofany revisions of that plan or study, submitted by the riskretention group to the state in which the group is chartered andlicensed.
(3) A copy of the group's charter or license from its charteringstate.
(4) A statement of registration (for which a filing fee shall bedetermined by the commissioner) that designates thecommissioner as its agent for the purpose of receiving serviceof legal documents or process.
(c) A risk retention group that is chartered and licensed in a stateother than Indiana and that is doing or seeks to do business in Indianashall submit a copy of any revision of its plan of operation orfeasibility study to the commissioner of this state at the same timethat the revision is submitted to the commissioner of the group'schartering state.
(d) A risk retention group that is chartered and licensed in a stateother than Indiana and that is doing business in Indiana shall submit
to the commissioner of this state the following:
(1) A copy of the group's financial statement submitted to thestate in which the risk retention group is chartered and licensed,which must be certified by an independent public accountantand must contain a statement of opinion on loss and lossadjustment expense reserves made by a member of theAmerican Academy of Actuaries or by a qualified loss reservespecialist (under criteria established by the NationalAssociation of Insurance Commissioners).
(2) A copy of each examination of the risk retention group ascertified by the commissioner or public official conducting theexamination.
(3) Upon request by the commissioner, a copy of anyinformation or document pertaining to any outside auditperformed with respect to the risk retention group.
(4) Such information as may be required to verify that the groupcontinues to meet the definition of risk retention group insection 11 of this chapter.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-15
Premium taxes and taxes on premiums; liability; report ofpremiums; policy records
Sec. 15. (a) A risk retention group is liable for the payment ofpremium taxes and taxes on premiums of direct business for risksresident or located within Indiana, and shall report to thecommissioner of this state the net premiums written for risks residentor located within Indiana. A risk retention group that is chartered andlicensed in a state other than Indiana is subject to taxation, and anyapplicable fines and penalties related thereto, on the same basis as aforeign admitted insurer.
(b) A licensed insurance producer who is utilized under section 30of this chapter in soliciting, negotiating, or procuring liabilityinsurance from a risk retention group that is chartered and licensedin a state other than Indiana shall report to the commissioner thepremiums for direct business for risks resident or located withinIndiana that the insurance producer has placed with or on behalf ofa risk retention group that is not chartered in Indiana.
(c) A licensed insurance producer who is utilized under section 30of this chapter in soliciting, negotiating, or procuring liabilityinsurance from a risk retention group that is chartered and licensedin a state other than Indiana shall keep a complete and separaterecord of all policies procured from each such risk retention group.The record kept under this subsection must be open to examinationby the commissioner and must, for each policy and each kind ofinsurance provided, include the following information:
(1) The limit of liability.
(2) The time period covered.
(3) The effective date.
(4) The name of the risk retention group that issued the policy. (5) The gross premium charged.
(6) The amount of return premiums, if any.
As added by P.L.162-1988, SEC.2. Amended by P.L.178-2003,SEC.49.
IC 27-7-10-16
Foreign risk retention groups; compliance with business practiceprovisions
Sec. 16. (a) All risk retention groups that are chartered andlicensed in other states and that are doing business in Indiana and allagents and representatives of those risk retention groups shall complywith:
(1) IC 27-4-1-4.5 concerning unfair claims settlement practices;and
(2) IC 27-4 concerning deceptive, false, or fraudulent acts orpractices.
(b) However, any injunction sought by the commissioner of thisstate regarding conduct described in subsection (a)(2) must beobtained from a court.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-17
Examination of foreign risk retention groups
Sec. 17. A risk retention group that is licensed and chartered in astate other than Indiana shall submit to an examination by thecommissioner of this state to determine its financial condition if thecommissioner of the jurisdiction in which the group is chartered andlicensed has not initiated an examination or does not initiate anexamination within sixty (60) days after a request by thecommissioner of this state. Any examination conducted by thecommissioner of this state under this section shall be coordinated toavoid unjustified repetition and conducted in an expeditious mannerand in accordance with the NAIC's Examiner Handbook.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-18
Notice; applications and policies
Sec. 18. Every application form for insurance from a risk retentiongroup, and every policy (on its front and declaration pages) issued bya risk retention group, must contain in ten (10) point type thefollowing notice:
NOTICE
This policy is issued by your risk retention group. Your risk retentiongroup may not be subject to all of the insurance laws and regulationsof your state. State insurance insolvency guaranty funds are notavailable for your risk retention group.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-19
Prohibited acts Sec. 19. The following acts by a risk retention group areprohibited:
(1) The solicitation or sale of insurance by a risk retentiongroup to any person who is not eligible for membership in thegroup.
(2) The solicitation or sale of insurance by, or operation of, arisk retention group that is in hazardous financial condition orfinancially impaired.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-20
Insurance company membership in risk retention group
Sec. 20. A risk retention group may not do business in Indiana ifan insurance company is directly or indirectly a member or owner ofthat risk retention group, other than in the case of a risk retentiongroup all of whose members are insurance companies.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-21
Prohibited coverage
Sec. 21. The terms of any insurance policy issued by any riskretention group may not provide, or be construed to provide,coverage prohibited generally by Indiana law or declared unlawfulby the Indiana supreme court.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-22
Financial impairment of foreign risk retention group; violations ofchapter; compliance requirements
Sec. 22. (a) A risk retention group that is not chartered in Indianaand that is doing business in Indiana shall comply with a lawful orderissued in a voluntary dissolution proceeding or in a delinquencyproceeding commenced by a state commissioner if there has been afinding of financial impairment after an examination under section17 of this chapter.
(b) A risk retention group that violates any provision of thischapter is subject to fines and penalties, including revocation of itsright to do business in Indiana, that are applicable to licensedinsurers generally.
(c) In addition to complying with the other requirements ofsections 14 through 22 of this chapter, a risk retention groupoperating in Indiana before April 1, 1988, shall, before May 1, 1988,comply with section 14(a) of this chapter.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-23
Insurance insolvency guaranty fund
Sec. 23. (a) A risk retention group may not be required orpermitted to join or contribute financially to any insuranceinsolvency guaranty fund, or similar mechanism, in Indiana. Neither
a risk retention group, nor its insureds, nor claimants against itsinsureds may receive any benefit from any such fund for claimsarising under the insurance policies issued by the risk retentiongroup.
(b) When a purchasing group obtains insurance covering itsmembers' risks from an insurer that is not authorized in Indiana orfrom a risk retention group, no risks, wherever resident or located,are covered by an insurance guaranty fund or similar mechanism inIndiana.
(c) When a purchasing group obtains insurance covering itsmembers' risks from an authorized insurer, only risks resident orlocated in Indiana are covered by the state guaranty fund underIC 27-6-8.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-24
Countersignature on policies
Sec. 24. A policy of insurance issued to a risk retention group orto any member of that group is not required to be countersigned.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-25
Purchasing groups and their insurers; application of Indiana law;exemptions
Sec. 25. A purchasing group and its insurer or insurers are subjectto all applicable Indiana laws, except that a purchasing group and itsinsurer or insurers are exempt, in regard to liability insurance for thepurchasing group, from any law that would:
(1) prohibit the establishment of a purchasing group;
(2) make it unlawful for an insurer to provide or offer toprovide insurance on a basis providing, to a purchasing groupor its members, advantages based on their loss and expenseexperience not afforded to other persons with respect to rates,policy forms, coverages, or other matters;
(3) prohibit a purchasing group or its members from purchasinginsurance on a group basis as described in subdivision (2);
(4) prohibit a purchasing group from obtaining insurance on agroup basis because the group has not been in existence for aminimum period of time or because any member has notbelonged to the group for a minimum period of time;
(5) require that a purchasing group have a minimum number ofmembers, common ownership or affiliation, or certain legalform;
(6) require that a certain percentage of a purchasing group mustobtain insurance on a group basis; or
(7) otherwise discriminate against a purchasing group or any ofits members.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-26 Purchasing groups; notice of intent to do business; requiredinformation; agent for service of process; exemptions
Sec. 26. (a) A purchasing group, before doing business in Indiana,shall furnish notice to the commissioner. The notice must:
(1) identify the state in which the group is domiciled;
(2) identify all other states in which the group intends to dobusiness;
(3) specify the lines and classifications of liability insurancethat the purchasing group intends to purchase;
(4) identify the insurance company or companies from whichthe group intends to purchase its insurance and the domicile ofthe company or companies;
(5) specify the method by which, and the person or persons, ifany, through whom insurance will be offered to its memberswhose risks are resident or located in Indiana;
(6) identify the principal place of business of the group; and
(7) provide such other information as may be required by thecommissioner to verify that the purchasing group meets thedefinition of a purchasing group under section 10 of thischapter.
(b) A purchasing group shall, within ten (10) days, notify thecommissioner of any changes in any of the facts set forth in thenotice provided to the commissioner under this section.
(c) A purchasing group, before doing business in Indiana, shallregister with and designate the commissioner as its agent solely forthe purpose of receiving service of legal documents or process inIndiana (for which a filing fee shall be determined by thecommissioner). However, this requirement does not apply in the caseof a purchasing group that only purchases insurance that wasauthorized under the federal Product Liability Risk Retention Act of1981, P.L.97-45, and:
(1) that in any state of the United States:
(A) was domiciled before April 1, 1986; and
(B) is domiciled on and after October 27, 1986;
(2) that:
(A) before October 27, 1986, purchased insurance from aninsurance carrier licensed in any state; and
(B) since October 27, 1986, purchased its insurance from aninsurance carrier licensed in any state; or
(3) that was a purchasing group under the requirements of theProduct Liability Risk Retention Act of 1981 before October27, 1986.
(d) Each purchasing group that is required to give notice undersubsection (a) shall also furnish information required by thecommissioner to:
(1) verify that the entity qualifies as a purchasing group;
(2) determine where the purchasing group is located; and
(3) determine appropriate tax treatment.
(e) Any purchasing group that was doing business in Indianabefore April 1, 1988, shall, before May 1, 1988, furnish notice to the
commissioner under subsection (a) and furnish information requiredunder subsections (c) through (d).
As added by P.L.162-1988, SEC.2.
IC 27-7-10-27
Purchasing groups; purchase of insurance from risk retentiongroups; limitations; notice to members; deductibles; aggregatelimits
Sec. 27. (a) A purchasing group may not purchase insurance froma risk retention group that is not chartered in a state or from aninsurer not admitted in the state in which the purchasing group islocated, unless the purchase is effected through a licensed insuranceproducer or broker acting under the surplus lines laws andregulations of that state.
(b) A purchasing group that obtains liability insurance from aninsurer that is not admitted in Indiana or from a risk retention groupshall inform each of the members of the group who have a riskresident or located in Indiana that the risk is not protected by aninsurance insolvency guaranty fund in Indiana and that the riskretention group or insurer may not be subject to all insurance lawsand rules of Indiana.
(c) No purchasing group may purchase insurance providing for adeductible or self-insured retention applicable to the group as awhole. However, coverage may provide for a deductible orself-insured retention applicable to individual members of thepurchasing group.
(d) Purchases of insurance by purchasing groups are subject to thesame standards regarding aggregate limits that are applicable to allpurchases of group insurance.
As added by P.L.162-1988, SEC.2. Amended by P.L.178-2003,SEC.50.
IC 27-7-10-28
Premium taxes; taxes on premiums; calculations
Sec. 28. Premium taxes and taxes on premiums paid for coverageof risks resident or located in Indiana by a purchasing group or anymember of a purchasing group shall be:
(1) imposed at the same rate and subject to the same interest,fines, and penalties that apply to premium taxes and taxes onpremiums paid for similar coverage from a similar insurancesource by other insureds; and
(2) paid first by the insurance source, and if not by theinsurance source, then by the insurance producer or broker forthe purchasing group, and if not by the insurance producer orbroker, then by the purchasing group, and if not by thepurchasing group, then by each of its members.
As added by P.L.162-1988, SEC.2. Amended by P.L.178-2003,SEC.51.
IC 27-7-10-29 Enforcement; scope of authority
Sec. 29. The commissioner may make use of any of the powersestablished under this title to enforce the laws of Indiana notspecifically preempted by the Risk Retention Act of 1986, 15 U.S.C.3901 et seq., including the commissioner's administrative authorityto investigate, issue subpoenas, conduct depositions and hearings,issue orders, impose penalties, and seek injunctive relief. With regardto any investigation, administrative proceedings, or litigation, thecommissioner shall rely on Indiana procedural laws. The injunctiveauthority of the commissioner, in regard to risk retention groups, isrestricted by the requirement under section 16 of this chapter that anyinjunction be issued by a court.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-30
Solicitation, negotiation, or procurement of liability insurance;license requirements
Sec. 30. No individual, firm, association, limited liabilitycompany, or corporation may act or aid in any manner in soliciting,negotiating, or procuring liability insurance in Indiana from a riskretention group unless the individual, firm, association, orcorporation is licensed as an insurance producer under IC 27-1-15.6.
As added by P.L.162-1988, SEC.2. Amended by P.L.8-1993,SEC.428; P.L.132-2001, SEC.11; P.L.178-2003, SEC.52.
IC 27-7-10-31
Purchasing groups; solicitation, negotiation, or procurement ofliability insurance; license requirements
Sec. 31. (a) No individual, firm, association, or corporation mayact or aid in any manner in soliciting, negotiating, or procuringliability insurance in Indiana for a purchasing group from anauthorized insurer or a risk retention group chartered in a state unlessthe individual, firm, association, or corporation is licensed as aninsurance producer under IC 27-1-15.6.
(b) No individual, firm, association, or corporation may act or aidin any manner in soliciting, negotiating, or procuring liabilityinsurance coverage in Indiana for any member of a purchasing groupunder a purchasing group's policy unless the individual, firm,association, or corporation is licensed as an insurance producer underIC 27-1-15.6.
(c) No individual, firm, association, or corporation may act or aidin any manner in soliciting, negotiating, or procuring liabilityinsurance from an insurer not authorized to do business in Indiana onbehalf of a purchasing group located in Indiana unless the individual,firm, association, or corporation is licensed as a surplus linesproducer under IC 27-1-15.8.
As added by P.L.162-1988, SEC.2. Amended by P.L.132-2001,SEC.12; P.L.178-2003, SEC.53.
IC 27-7-10-32 Insurance producers for risk retention groups; residence; notice
Sec. 32. (a) For purposes of acting as an insurance producer fora risk retention group or purchasing group under section 30 or 31 ofthis chapter, the requirement of residence in Indiana does not apply.
(b) Every individual, firm, association, or corporation licensedunder IC 27-1-15.6, in regard to business placed with risk retentiongroups or written through a purchasing group, shall inform eachprospective insured of the provisions of the notice required bysection 18 of this chapter in the case of a risk retention group andsection 27(c) of this chapter in the case of a purchasing group.
As added by P.L.162-1988, SEC.2. Amended by P.L.132-2001,SEC.13; P.L.178-2003, SEC.54.
IC 27-7-10-33
Injunctions
Sec. 33. An order issued by any district court of the United Statesenjoining a risk retention group from soliciting or selling insurance,or operating in any state (or in all states, or in any territory orpossession of the United States), upon a finding that the riskretention group is in hazardous financial or financially impairedcondition is enforceable in the courts of this state.
As added by P.L.162-1988, SEC.2.
IC 27-7-10-34
Rules to implement chapter
Sec. 34. The commissioner, under IC 4-22-2, may adopt rulesnecessary to implement this chapter.
As added by P.L.162-1988, SEC.2.