IC 27-1-15.8
Chapter 15.8. Surplus Lines Producers
IC 27-1-15.8-1 Applicability of definitions
Sec. 1. The definitions in IC 27-1-15.6-2 apply throughout this
chapter. As added by P.L.132-2001, SEC.5.
IC 27-1-15.8-2 Other provisions applicable to licensure of surplus lines producers
Sec. 2. The following provisions of IC 27-1-15.6 apply to
licensure of surplus lines producers under this chapter:
(1) IC 27-1-15.6-5.
(2) IC 27-1-15.6-6.
(3) IC 27-1-15.6-8 through IC 27-1-15.6-13.
(4) IC 27-1-15.6-15 through IC 27-1-15.6-17.
(5) IC 27-1-15.6-21.
(6) IC 27-1-15.6-32 through IC 27-1-15.6-34. As added by P.L.132-2001, SEC.5.
IC 27-1-15.8-3 Qualifications for license
Sec. 3. (a) A surplus lines producer may receive qualification for
a license in one (1) or more of the kinds of insurance defined in Class
2 and Class 3 of IC 27-1-5-1 from insurers that are authorized to do
business in one (1) or more states of the United States of America
but are not authorized to do business in Indiana whenever, after
diligent effort, as determined to the satisfaction of the department,
the licensee is unable to procure the amount of insurance desired
from insurers authorized and licensed to do business in Indiana.
(b) An applicant for a surplus lines producer's license must be
licensed in Indiana as an insurance producer qualified as to the line
or lines of insurance to be written. As added by P.L.132-2001, SEC.5.
IC 27-1-15.8-4 Percent of gross premiums remitted to department; affidavit and
financial statement filed with department
Sec. 4. (a) In addition to all other charges, fees, and taxes that may
be imposed by law, a surplus lines producer licensed under this
chapter shall, on or before February 1 and August 1 of each year,
collect from the insured and remit to the department for the use and
benefit of the state of Indiana an amount equal to two and one-half
percent (2 1/2%) of all gross premiums upon all policies and
contracts procured by the surplus lines producer under the provisions
of this section during the preceding six (6) month period ending
December 31 and June 30, respectively. The declarations page of a
policy referred to in this subsection must itemize the amounts of all
charges for taxes, fees, and premiums.
(b) A licensed surplus lines producer shall execute and file with
the department of insurance on or before the twentieth day of each
month an affidavit that specifies all transactions, policies, and
contracts procured during the preceding calendar month, including:
(1) the description and location of the insured property or risk
and the name of the insured;
(2) the gross premiums charged in the policy or contract;
(3) the name and home office address of the insurer whose
policy or contract is issued, and the kind of insurance effected;
and
(4) a statement that:
(A) the licensee, after diligent effort, was unable to procure
from any insurer authorized to transact the particular class of
insurance business in Indiana the full amount of insurance
required to protect the insured; and
(B) the insurance placed under this chapter is not placed for
the purpose of procuring it at a premium rate lower than
would be accepted by an insurer authorized and licensed to
transact insurance business in Indiana.
(c) A licensed surplus lines producer shall file with the
department, not later than March 31 of each year, the financial
statement, dated as of December 31 of the preceding year, of each
unauthorized insurer from whom the surplus lines producer has
procured a policy or contract. The insurance commissioner may, in
the commissioner's discretion, after reviewing the financial statement
of the unauthorized insurer, order the surplus lines producer to cancel
an unauthorized insurer's policies and contracts if the commissioner
is of the opinion that the financial statement or condition of the
unauthorized insurer does not warrant continuance of the risk.
(d) A licensed surplus lines producer shall keep a separate account
of all business transacted under this section. The account may be
inspected at any time by the commissioner or the commissioner's
deputy or examiner.
(e) An insurer that issues a policy or contract to insure a risk
under this section is considered to have appointed the commissioner
as the insurer's attorney upon whom process may be served in
Indiana in any suit, action, or proceeding based upon or arising out
of the policy or contract.
(f) The commissioner may revoke or refuse to renew a surplus
lines producer's license for failure to comply with this section.
(g) A surplus lines producer licensed under this chapter may
accept and place policies or contracts authorized under this section
for an insurance producer duly licensed in Indiana, and may
compensate the insurance producer even though the insurance
producer is not licensed under this chapter.
(h) If a surplus lines producer does not remit an amount due to the
department within the time prescribed in subsection (a), the
commissioner shall assess the surplus lines producer a penalty of ten
percent (10%) of the amount due. The commissioner shall assess a
further penalty of an additional one percent (1%) of the amount due
for each month or portion of a month that any amount due remains
unpaid after the first month. Penalties assessed under this subsection
are payable by the surplus lines producer and are not collectible from
an insured. As added by P.L.132-2001, SEC.5. Amended by P.L.160-2003,
SEC.2; P.L.173-2007, SEC.15.
IC 27-1-15.8
Chapter 15.8. Surplus Lines Producers
IC 27-1-15.8-1 Applicability of definitions
Sec. 1. The definitions in IC 27-1-15.6-2 apply throughout this
chapter. As added by P.L.132-2001, SEC.5.
IC 27-1-15.8-2 Other provisions applicable to licensure of surplus lines producers
Sec. 2. The following provisions of IC 27-1-15.6 apply to
licensure of surplus lines producers under this chapter:
(1) IC 27-1-15.6-5.
(2) IC 27-1-15.6-6.
(3) IC 27-1-15.6-8 through IC 27-1-15.6-13.
(4) IC 27-1-15.6-15 through IC 27-1-15.6-17.
(5) IC 27-1-15.6-21.
(6) IC 27-1-15.6-32 through IC 27-1-15.6-34. As added by P.L.132-2001, SEC.5.
IC 27-1-15.8-3 Qualifications for license
Sec. 3. (a) A surplus lines producer may receive qualification for
a license in one (1) or more of the kinds of insurance defined in Class
2 and Class 3 of IC 27-1-5-1 from insurers that are authorized to do
business in one (1) or more states of the United States of America
but are not authorized to do business in Indiana whenever, after
diligent effort, as determined to the satisfaction of the department,
the licensee is unable to procure the amount of insurance desired
from insurers authorized and licensed to do business in Indiana.
(b) An applicant for a surplus lines producer's license must be
licensed in Indiana as an insurance producer qualified as to the line
or lines of insurance to be written. As added by P.L.132-2001, SEC.5.
IC 27-1-15.8-4 Percent of gross premiums remitted to department; affidavit and
financial statement filed with department
Sec. 4. (a) In addition to all other charges, fees, and taxes that may
be imposed by law, a surplus lines producer licensed under this
chapter shall, on or before February 1 and August 1 of each year,
collect from the insured and remit to the department for the use and
benefit of the state of Indiana an amount equal to two and one-half
percent (2 1/2%) of all gross premiums upon all policies and
contracts procured by the surplus lines producer under the provisions
of this section during the preceding six (6) month period ending
December 31 and June 30, respectively. The declarations page of a
policy referred to in this subsection must itemize the amounts of all
charges for taxes, fees, and premiums.
(b) A licensed surplus lines producer shall execute and file with
the department of insurance on or before the twentieth day of each
month an affidavit that specifies all transactions, policies, and
contracts procured during the preceding calendar month, including:
(1) the description and location of the insured property or risk
and the name of the insured;
(2) the gross premiums charged in the policy or contract;
(3) the name and home office address of the insurer whose
policy or contract is issued, and the kind of insurance effected;
and
(4) a statement that:
(A) the licensee, after diligent effort, was unable to procure
from any insurer authorized to transact the particular class of
insurance business in Indiana the full amount of insurance
required to protect the insured; and
(B) the insurance placed under this chapter is not placed for
the purpose of procuring it at a premium rate lower than
would be accepted by an insurer authorized and licensed to
transact insurance business in Indiana.
(c) A licensed surplus lines producer shall file with the
department, not later than March 31 of each year, the financial
statement, dated as of December 31 of the preceding year, of each
unauthorized insurer from whom the surplus lines producer has
procured a policy or contract. The insurance commissioner may, in
the commissioner's discretion, after reviewing the financial statement
of the unauthorized insurer, order the surplus lines producer to cancel
an unauthorized insurer's policies and contracts if the commissioner
is of the opinion that the financial statement or condition of the
unauthorized insurer does not warrant continuance of the risk.
(d) A licensed surplus lines producer shall keep a separate account
of all business transacted under this section. The account may be
inspected at any time by the commissioner or the commissioner's
deputy or examiner.
(e) An insurer that issues a policy or contract to insure a risk
under this section is considered to have appointed the commissioner
as the insurer's attorney upon whom process may be served in
Indiana in any suit, action, or proceeding based upon or arising out
of the policy or contract.
(f) The commissioner may revoke or refuse to renew a surplus
lines producer's license for failure to comply with this section.
(g) A surplus lines producer licensed under this chapter may
accept and place policies or contracts authorized under this section
for an insurance producer duly licensed in Indiana, and may
compensate the insurance producer even though the insurance
producer is not licensed under this chapter.
(h) If a surplus lines producer does not remit an amount due to the
department within the time prescribed in subsection (a), the
commissioner shall assess the surplus lines producer a penalty of ten
percent (10%) of the amount due. The commissioner shall assess a
further penalty of an additional one percent (1%) of the amount due
for each month or portion of a month that any amount due remains
unpaid after the first month. Penalties assessed under this subsection
are payable by the surplus lines producer and are not collectible from
an insured. As added by P.L.132-2001, SEC.5. Amended by P.L.160-2003,
SEC.2; P.L.173-2007, SEC.15.
IC 27-1-15.8
Chapter 15.8. Surplus Lines Producers
IC 27-1-15.8-1 Applicability of definitions
Sec. 1. The definitions in IC 27-1-15.6-2 apply throughout this
chapter. As added by P.L.132-2001, SEC.5.
IC 27-1-15.8-2 Other provisions applicable to licensure of surplus lines producers
Sec. 2. The following provisions of IC 27-1-15.6 apply to
licensure of surplus lines producers under this chapter:
(1) IC 27-1-15.6-5.
(2) IC 27-1-15.6-6.
(3) IC 27-1-15.6-8 through IC 27-1-15.6-13.
(4) IC 27-1-15.6-15 through IC 27-1-15.6-17.
(5) IC 27-1-15.6-21.
(6) IC 27-1-15.6-32 through IC 27-1-15.6-34. As added by P.L.132-2001, SEC.5.
IC 27-1-15.8-3 Qualifications for license
Sec. 3. (a) A surplus lines producer may receive qualification for
a license in one (1) or more of the kinds of insurance defined in Class
2 and Class 3 of IC 27-1-5-1 from insurers that are authorized to do
business in one (1) or more states of the United States of America
but are not authorized to do business in Indiana whenever, after
diligent effort, as determined to the satisfaction of the department,
the licensee is unable to procure the amount of insurance desired
from insurers authorized and licensed to do business in Indiana.
(b) An applicant for a surplus lines producer's license must be
licensed in Indiana as an insurance producer qualified as to the line
or lines of insurance to be written. As added by P.L.132-2001, SEC.5.
IC 27-1-15.8-4 Percent of gross premiums remitted to department; affidavit and
financial statement filed with department
Sec. 4. (a) In addition to all other charges, fees, and taxes that may
be imposed by law, a surplus lines producer licensed under this
chapter shall, on or before February 1 and August 1 of each year,
collect from the insured and remit to the department for the use and
benefit of the state of Indiana an amount equal to two and one-half
percent (2 1/2%) of all gross premiums upon all policies and
contracts procured by the surplus lines producer under the provisions
of this section during the preceding six (6) month period ending
December 31 and June 30, respectively. The declarations page of a
policy referred to in this subsection must itemize the amounts of all
charges for taxes, fees, and premiums.
(b) A licensed surplus lines producer shall execute and file with
the department of insurance on or before the twentieth day of each
month an affidavit that specifies all transactions, policies, and
contracts procured during the preceding calendar month, including:
(1) the description and location of the insured property or risk
and the name of the insured;
(2) the gross premiums charged in the policy or contract;
(3) the name and home office address of the insurer whose
policy or contract is issued, and the kind of insurance effected;
and
(4) a statement that:
(A) the licensee, after diligent effort, was unable to procure
from any insurer authorized to transact the particular class of
insurance business in Indiana the full amount of insurance
required to protect the insured; and
(B) the insurance placed under this chapter is not placed for
the purpose of procuring it at a premium rate lower than
would be accepted by an insurer authorized and licensed to
transact insurance business in Indiana.
(c) A licensed surplus lines producer shall file with the
department, not later than March 31 of each year, the financial
statement, dated as of December 31 of the preceding year, of each
unauthorized insurer from whom the surplus lines producer has
procured a policy or contract. The insurance commissioner may, in
the commissioner's discretion, after reviewing the financial statement
of the unauthorized insurer, order the surplus lines producer to cancel
an unauthorized insurer's policies and contracts if the commissioner
is of the opinion that the financial statement or condition of the
unauthorized insurer does not warrant continuance of the risk.
(d) A licensed surplus lines producer shall keep a separate account
of all business transacted under this section. The account may be
inspected at any time by the commissioner or the commissioner's
deputy or examiner.
(e) An insurer that issues a policy or contract to insure a risk
under this section is considered to have appointed the commissioner
as the insurer's attorney upon whom process may be served in
Indiana in any suit, action, or proceeding based upon or arising out
of the policy or contract.
(f) The commissioner may revoke or refuse to renew a surplus
lines producer's license for failure to comply with this section.
(g) A surplus lines producer licensed under this chapter may
accept and place policies or contracts authorized under this section
for an insurance producer duly licensed in Indiana, and may
compensate the insurance producer even though the insurance
producer is not licensed under this chapter.
(h) If a surplus lines producer does not remit an amount due to the
department within the time prescribed in subsection (a), the
commissioner shall assess the surplus lines producer a penalty of ten
percent (10%) of the amount due. The commissioner shall assess a
further penalty of an additional one percent (1%) of the amount due
for each month or portion of a month that any amount due remains
unpaid after the first month. Penalties assessed under this subsection
are payable by the surplus lines producer and are not collectible from
an insured. As added by P.L.132-2001, SEC.5. Amended by P.L.160-2003,
SEC.2; P.L.173-2007, SEC.15.
