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 be
cited 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, and
systems and to associations operating as Lloyds, interinsurers, or
individual underwriters authorized as of March 8, 1935, to make
insurance under the provisions of any statute enacted prior to March
8, 1935, or organized or incorporated before or after March 8, 1935,
under the provisions of any statute of this state, or which are doing
or attempting to do, or which are representing that they are doing an
insurance business in this state, or which are in process of
organization for the purpose of doing or attempting to do such
business. All domestic, foreign, and alien companies authorized to do
business in this state shall be subject to this article; however, any
not-for-profit corporation which pays death benefits to the owner of
a valuable registered horse on the death of said horse shall for that
purpose not be subject to this article. (Formerly: Acts 1935, c.162, s.2; Acts 1973, P.L.269, SEC.1.) As
amended 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 in
Indiana for medical, surgical, chiropractic, physical therapy, speech
pathology, audiology, professional mental health, dental, hospital,
optometric, or podiatric expenses, whether coverage is by direct
payment, reimbursement, or other means, shall:
(1) register with the commissioner; and
(2) indicate in the registration if the coverage provided by the
person or other entity is an employee benefit plan subject to the
Employee Retirement Income Security Act (29 U.S.C. 1001 et
seq.). 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 meaning
appears from the context: (a) "Insurance" means a contract of
insurance or an agreement by which one (1) party, for a
consideration, promises to pay money or its equivalent or to do an act
valuable to the insured upon the destruction, loss or injury of
something in which the other party has a pecuniary interest, or in
consideration of a price paid, adequate to the risk, becomes security
to the other against loss by certain specified risks; to grant indemnity
or security against loss for a consideration.
(b) "Commissioner" means the "insurance commissioner" of this
state.
(c) "Department" means "the department of insurance" of this
state.
(d) The term "company" or "corporation" means an insurance
company and includes all persons, partnerships, corporations,
associations, orders or societies engaged in or proposing to engage
in 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 of
this state.
(f) The term "foreign company" or "foreign corporation" means
an insurance company organized under the laws of any state of the
United States other than this state or under the laws of any territory
or insular possession of the United States or the District of
Columbia.
(g) The term "alien company" or "alien corporation" means an
insurance company organized under the laws of any country other
than the United States or territory or insular possession thereof or of
the District of Columbia.
(h) The term "person" includes individuals, corporations,
associations, and partnerships; personal pronoun includes all
genders; the singular includes the plural and the plural includes the
singular.
(k) The term "insurance solicitor" means any natural person
employed to aid an insurance producer in any manner in soliciting,
negotiating, or effecting contracts of insurance or indemnity other
than life.
(l) The term "principal office" means that office maintained by the
corporation in this state, the address of which is required by the
provisions of this article to be kept on file in the office of the
department.
(m) The term "articles of incorporation" includes both the original
articles of incorporation and any and all amendments thereto, except
where the original articles of incorporation only are expressly
referred to, and includes articles of merger, consolidation and
reinsurance, 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 record
of shares of stock in a corporation, unless the context otherwise
requires.
(o) The term "policyholder" means one who is a holder of a
contract 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 stock
corporation.
(q) The term "capital stock" means the aggregate amount of the
par value of all shares of capital stock.
(r) The term "capital" means the aggregate amount paid in on the
shares of capital stock of a corporation issued and outstanding.
(s) The term "life insurance company" means any company
making one or more of the kinds of insurance set out and defined in
class 1(a) of IC 27-1-5-1.
(t) The term "casualty insurance company" means any company
making the kind or kinds of insurance set out and defined in class 2
of IC 27-1-5-1.
(u) The term "fire and marine insurance company" means any
company making the kind or kinds of insurance set out and defined
in class 3 of IC 27-1-5-1.
(v) The term "certificate of authority" means an instrument in
writing issued by the department to an insurer, which sets out the
authority of such insurer to engage in the business of insurance or
activities connected therewith.
(w) The term "premium" means money or any other thing of value
paid or given in consideration to an insurer, insurance producer, or
solicitor on account of or in connection with a contract of insurance
and shall include as a part but not in limitation of the above, policy
fees, admission fees, membership fees and regular or special
assessments 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 of
insurance and shall include associations operating as Lloyds,
reciprocal or inter-insurers, or individual underwriters.
(y) The terms "assessment plan" and "assessment insurance" mean
the mode or plan and the business of a corporation, association or
society organized and limited to the making of insurance on the lives
of persons and against disability from disease, bodily injury or death
by accident, and which provides for the payment of policy claims,
accumulation of reserve or emergency funds, and the expenses of the
management and prosecution of its business by payments to be made
either at stated periods named in the contract or upon assessments,
and wherein the insured's liability to contribute is not limited to a
fixed sum.
(z) "Agency billed" refers to a system in which an insured pays a
premium directly to an insurance agency. (Formerly: Acts 1935, c.162, s.3; Acts 1963, c.203, s.1.) As amended
by 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 Insurance
Law (chapters 2 through 20 of this article) commits a Class A
misdemeanor, except as otherwise provided.
As added by Acts 1978, P.L.2, SEC.2701. Amended by P.L.82-1998,
SEC.1.
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 be
cited 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, and
systems and to associations operating as Lloyds, interinsurers, or
individual underwriters authorized as of March 8, 1935, to make
insurance under the provisions of any statute enacted prior to March
8, 1935, or organized or incorporated before or after March 8, 1935,
under the provisions of any statute of this state, or which are doing
or attempting to do, or which are representing that they are doing an
insurance business in this state, or which are in process of
organization for the purpose of doing or attempting to do such
business. All domestic, foreign, and alien companies authorized to do
business in this state shall be subject to this article; however, any
not-for-profit corporation which pays death benefits to the owner of
a valuable registered horse on the death of said horse shall for that
purpose not be subject to this article. (Formerly: Acts 1935, c.162, s.2; Acts 1973, P.L.269, SEC.1.) As
amended 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 in
Indiana for medical, surgical, chiropractic, physical therapy, speech
pathology, audiology, professional mental health, dental, hospital,
optometric, or podiatric expenses, whether coverage is by direct
payment, reimbursement, or other means, shall:
(1) register with the commissioner; and
(2) indicate in the registration if the coverage provided by the
person or other entity is an employee benefit plan subject to the
Employee Retirement Income Security Act (29 U.S.C. 1001 et
seq.). 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 meaning
appears from the context: (a) "Insurance" means a contract of
insurance or an agreement by which one (1) party, for a
consideration, promises to pay money or its equivalent or to do an act
valuable to the insured upon the destruction, loss or injury of
something in which the other party has a pecuniary interest, or in
consideration of a price paid, adequate to the risk, becomes security
to the other against loss by certain specified risks; to grant indemnity
or security against loss for a consideration.
(b) "Commissioner" means the "insurance commissioner" of this
state.
(c) "Department" means "the department of insurance" of this
state.
(d) The term "company" or "corporation" means an insurance
company and includes all persons, partnerships, corporations,
associations, orders or societies engaged in or proposing to engage
in 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 of
this state.
(f) The term "foreign company" or "foreign corporation" means
an insurance company organized under the laws of any state of the
United States other than this state or under the laws of any territory
or insular possession of the United States or the District of
Columbia.
(g) The term "alien company" or "alien corporation" means an
insurance company organized under the laws of any country other
than the United States or territory or insular possession thereof or of
the District of Columbia.
(h) The term "person" includes individuals, corporations,
associations, and partnerships; personal pronoun includes all
genders; the singular includes the plural and the plural includes the
singular.
(k) The term "insurance solicitor" means any natural person
employed to aid an insurance producer in any manner in soliciting,
negotiating, or effecting contracts of insurance or indemnity other
than life.
(l) The term "principal office" means that office maintained by the
corporation in this state, the address of which is required by the
provisions of this article to be kept on file in the office of the
department.
(m) The term "articles of incorporation" includes both the original
articles of incorporation and any and all amendments thereto, except
where the original articles of incorporation only are expressly
referred to, and includes articles of merger, consolidation and
reinsurance, 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 record
of shares of stock in a corporation, unless the context otherwise
requires.
(o) The term "policyholder" means one who is a holder of a
contract 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 stock
corporation.
(q) The term "capital stock" means the aggregate amount of the
par value of all shares of capital stock.
(r) The term "capital" means the aggregate amount paid in on the
shares of capital stock of a corporation issued and outstanding.
(s) The term "life insurance company" means any company
making one or more of the kinds of insurance set out and defined in
class 1(a) of IC 27-1-5-1.
(t) The term "casualty insurance company" means any company
making the kind or kinds of insurance set out and defined in class 2
of IC 27-1-5-1.
(u) The term "fire and marine insurance company" means any
company making the kind or kinds of insurance set out and defined
in class 3 of IC 27-1-5-1.
(v) The term "certificate of authority" means an instrument in
writing issued by the department to an insurer, which sets out the
authority of such insurer to engage in the business of insurance or
activities connected therewith.
(w) The term "premium" means money or any other thing of value
paid or given in consideration to an insurer, insurance producer, or
solicitor on account of or in connection with a contract of insurance
and shall include as a part but not in limitation of the above, policy
fees, admission fees, membership fees and regular or special
assessments 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 of
insurance and shall include associations operating as Lloyds,
reciprocal or inter-insurers, or individual underwriters.
(y) The terms "assessment plan" and "assessment insurance" mean
the mode or plan and the business of a corporation, association or
society organized and limited to the making of insurance on the lives
of persons and against disability from disease, bodily injury or death
by accident, and which provides for the payment of policy claims,
accumulation of reserve or emergency funds, and the expenses of the
management and prosecution of its business by payments to be made
either at stated periods named in the contract or upon assessments,
and wherein the insured's liability to contribute is not limited to a
fixed sum.
(z) "Agency billed" refers to a system in which an insured pays a
premium directly to an insurance agency. (Formerly: Acts 1935, c.162, s.3; Acts 1963, c.203, s.1.) As amended
by 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 Insurance
Law (chapters 2 through 20 of this article) commits a Class A
misdemeanor, except as otherwise provided.
As added by Acts 1978, P.L.2, SEC.2701. Amended by P.L.82-1998,
SEC.1.
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 be
cited 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, and
systems and to associations operating as Lloyds, interinsurers, or
individual underwriters authorized as of March 8, 1935, to make
insurance under the provisions of any statute enacted prior to March
8, 1935, or organized or incorporated before or after March 8, 1935,
under the provisions of any statute of this state, or which are doing
or attempting to do, or which are representing that they are doing an
insurance business in this state, or which are in process of
organization for the purpose of doing or attempting to do such
business. All domestic, foreign, and alien companies authorized to do
business in this state shall be subject to this article; however, any
not-for-profit corporation which pays death benefits to the owner of
a valuable registered horse on the death of said horse shall for that
purpose not be subject to this article. (Formerly: Acts 1935, c.162, s.2; Acts 1973, P.L.269, SEC.1.) As
amended 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 in
Indiana for medical, surgical, chiropractic, physical therapy, speech
pathology, audiology, professional mental health, dental, hospital,
optometric, or podiatric expenses, whether coverage is by direct
payment, reimbursement, or other means, shall:
(1) register with the commissioner; and
(2) indicate in the registration if the coverage provided by the
person or other entity is an employee benefit plan subject to the
Employee Retirement Income Security Act (29 U.S.C. 1001 et
seq.). 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 meaning
appears from the context: (a) "Insurance" means a contract of
insurance or an agreement by which one (1) party, for a
consideration, promises to pay money or its equivalent or to do an act
valuable to the insured upon the destruction, loss or injury of
something in which the other party has a pecuniary interest, or in
consideration of a price paid, adequate to the risk, becomes security
to the other against loss by certain specified risks; to grant indemnity
or security against loss for a consideration.
(b) "Commissioner" means the "insurance commissioner" of this
state.
(c) "Department" means "the department of insurance" of this
state.
(d) The term "company" or "corporation" means an insurance
company and includes all persons, partnerships, corporations,
associations, orders or societies engaged in or proposing to engage
in 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 of
this state.
(f) The term "foreign company" or "foreign corporation" means
an insurance company organized under the laws of any state of the
United States other than this state or under the laws of any territory
or insular possession of the United States or the District of
Columbia.
(g) The term "alien company" or "alien corporation" means an
insurance company organized under the laws of any country other
than the United States or territory or insular possession thereof or of
the District of Columbia.
(h) The term "person" includes individuals, corporations,
associations, and partnerships; personal pronoun includes all
genders; the singular includes the plural and the plural includes the
singular.
(k) The term "insurance solicitor" means any natural person
employed to aid an insurance producer in any manner in soliciting,
negotiating, or effecting contracts of insurance or indemnity other
than life.
(l) The term "principal office" means that office maintained by the
corporation in this state, the address of which is required by the
provisions of this article to be kept on file in the office of the
department.
(m) The term "articles of incorporation" includes both the original
articles of incorporation and any and all amendments thereto, except
where the original articles of incorporation only are expressly
referred to, and includes articles of merger, consolidation and
reinsurance, 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 record
of shares of stock in a corporation, unless the context otherwise
requires.
(o) The term "policyholder" means one who is a holder of a
contract 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 stock
corporation.
(q) The term "capital stock" means the aggregate amount of the
par value of all shares of capital stock.
(r) The term "capital" means the aggregate amount paid in on the
shares of capital stock of a corporation issued and outstanding.
(s) The term "life insurance company" means any company
making one or more of the kinds of insurance set out and defined in
class 1(a) of IC 27-1-5-1.
(t) The term "casualty insurance company" means any company
making the kind or kinds of insurance set out and defined in class 2
of IC 27-1-5-1.
(u) The term "fire and marine insurance company" means any
company making the kind or kinds of insurance set out and defined
in class 3 of IC 27-1-5-1.
(v) The term "certificate of authority" means an instrument in
writing issued by the department to an insurer, which sets out the
authority of such insurer to engage in the business of insurance or
activities connected therewith.
(w) The term "premium" means money or any other thing of value
paid or given in consideration to an insurer, insurance producer, or
solicitor on account of or in connection with a contract of insurance
and shall include as a part but not in limitation of the above, policy
fees, admission fees, membership fees and regular or special
assessments 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 of
insurance and shall include associations operating as Lloyds,
reciprocal or inter-insurers, or individual underwriters.
(y) The terms "assessment plan" and "assessment insurance" mean
the mode or plan and the business of a corporation, association or
society organized and limited to the making of insurance on the lives
of persons and against disability from disease, bodily injury or death
by accident, and which provides for the payment of policy claims,
accumulation of reserve or emergency funds, and the expenses of the
management and prosecution of its business by payments to be made
either at stated periods named in the contract or upon assessments,
and wherein the insured's liability to contribute is not limited to a
fixed sum.
(z) "Agency billed" refers to a system in which an insured pays a
premium directly to an insurance agency. (Formerly: Acts 1935, c.162, s.3; Acts 1963, c.203, s.1.) As amended
by 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 Insurance
Law (chapters 2 through 20 of this article) commits a Class A
misdemeanor, except as otherwise provided.
As added by Acts 1978, P.L.2, SEC.2701. Amended by P.L.82-1998,
SEC.1.
