IC 27-1-5-1 Authority to write one or more kinds of insurance; restrictions on
assessment plan companies; classes of insurance
Sec. 1. A company, including a foreign or alien company
authorized to transact business in Indiana, may make all or any one
(1) or more of the kinds of insurance and reinsurance comprised in
any one (1) of the following classes, subject to the provisions of
IC 27-1. However, insurance on the assessment plan is limited to the
making of insurance on the lives of persons and against disability
from disease, bodily injury or death by accident.
CLASS 1. INSURANCE APPERTAINING TO PERSONS
ONLY:
(a) To insure the lives of persons, including insurance against
permanent mental or physical disability resulting from accident or
disease, or against accidental death combined with a policy for life
insurance, and to grant, purchase or dispose of annuities;
(b) To insure against bodily injury or death by accident and
against disablement resulting from sickness and every insurance
appertaining thereto, including contracts between an insurer and
policyholder providing for the indemnification of the policyholder
(or the other party) obligated to pay benefits resulting from bodily
injury, death by accident, or disablement from sickness in accordance
with the provisions of a benefit plan; however, for purposes of Class
2(1) of this section, this provision does not apply;
(c) Within the meaning of "Insurance Appertaining to Persons
Only," generally described in Class 1 of this section, are to be
included, among other things:
(1) contracts providing for immediate or future life insurance
and/or annuity benefits, fundable and/or computable as to cost
or payment or both; and
(2) contracts providing for insurance against bodily injury or
sickness, a portion of which may be funded;
out of or on the basis of assets in a segregated investment account;
the assets being those received by the company from or in relation to
contributions, premiums or considerations received by it under such
contracts. The establishment of such account shall in no way affect
the company's absolute ownership of the investment items to which
the account from time to time pertains. A company issuing contracts
of the nature described may as to them establish one (1) or more
segregated accounts, dependent upon the company's plan of
operation.
A segregated investment account established as contemplated in
this paragraph (c) shall not be chargeable with liabilities arising out
of any other business the company may conduct and which has no
specific relation to or dependence upon such account. Any surplus or
deficit which may arise in any such segregated investment account
by virtue of any guarantee by the company of the value of the assets
allocated to the account, their investment or income, or mortality
experience shall be adjusted by withdrawals from or additions to
such account so that the assets of such account shall always equal the
assets required to satisfy all liabilities arising under contracts
fundable by such account.
CLASS 2.
(a) To insure any persons against bodily injury, disablement or
death resulting from accident and against disablement resulting from
disease and every insurance appertaining thereto;
(b) To insure against loss or damage resulting from accident to, or
injury sustained by, an employee or other person for which accident
or injury the insured is liable;
(c) To insure against loss or damage by burglary, theft or
housebreaking;
(d) To insure glass, its fittings or lettering thereon, against
breakage or damage;
(e) To insure against loss from injury to persons or property which
results accidentally from steam-boilers, elevators, electrical devices,
engines and all machinery and appliances used in connection
therewith or operated thereby; and to make inspection of and issue
certificates of inspection upon such boilers, elevators, electrical
devices, engines, machinery and appliances;
(f) To insure against any loss, expense and/or liability resulting
from the ownership, maintenance, use and/or operation of any
automobile or other motor vehicle, including complete line coverage
on automobiles or other motor vehicles;
(g) To insure against loss or damage by water to any goods or
premises arising from the breakage or leakage of sprinklers and/or
water-pipes;
(h) To insure against any loss or damage resulting from accident
to or injury suffered by any person, for which loss or damage the
insured is liable; excepting employer's liability insurance as
authorized under subsection (b) of Class 2 of this section;
(i) To insure persons, associations or corporations against loss or
damage by reason of the giving or extending of credit;
(j) To insure against loss or damage on account of encumbrances
upon or defects in the title to real estate and against loss by reason of
the nonpayment of the principal or interest of bonds, mortgages or
other evidences of indebtedness;
(k) To become surety or guarantor for any person, partnership or
corporation in any position or place of trust or as custodian of money
or property, public or private; to become a surety or guarantor for the
performances by any person, copartnership or corporation of any
lawful obligation, undertaking, agreement or contract of any kind,
except contracts or policies of insurance, to become surety or
guarantor for the performance of insurance contracts where surety
bonds are required by states or municipalities. The business covered
by this subsection (k) shall be considered as fidelity and surety
obligations and construed as such regardless of any other
classification contained in this chapter to the contrary;
(l) To insure against any other casualty or insurance risk specified
in the articles of incorporation which lawfully may be made the
subject of insurance and for which specific provision is not made in
this chapter.
(m) To insure against legal expenses, such as attorneys fees, court
costs, witness fees and incidental expenses incurred in connection
with the use of the professional services of attorneys at law, in
consideration of a specified payment for an interval of time,
regardless of whether payment is made by the beneficiaries
individually or by a third person for them, so that the total cost
incurred by assuming the obligation is spread directly or indirectly
among the group, except those expenses resulting from the
following:
(1) Retainer contracts made with a single client with the fee
based on an estimate of the nature and the amount of services
that will be provided to that client, and similar contracts made
with a group of clients involved in the same or closely related
legal matters (such as class actions).
(2) Plans providing no benefits other than a limited amount of
consultation and advice on simple matters either alone or in
combination with referral services or the promise of fee
discounts for other matters.
(3) Plans providing limited benefits on simple legal matters on
a voluntary and informal basis, not involving a legally binding
promise, in the context of an employment or educational or
similar relationship.
(4) Legal services provided by unions or employee associations
to its members in matters solely relating to employment or
occupation, and provided, further, that nothing in this chapter
shall prohibit group legal services of any other kind.
(5) Payment of fines, penalties, judgments or assessments.
CLASS 3.
(a) To make insurance on buildings and personal property of
every description against loss or damage, including loss of use or
occupancy, caused by fire, smoke or smudge, lightning or other
electrical disturbance, earthquake, windstorm, cyclone, tornado,
tempest, hail, frost or snow, ice, sleet, weather or climatic conditions,
including excess or deficiency of moisture, flood, rain or drought,
rising of the waters of the ocean, or its tributaries, bombardment,
invasion, insurrection, riot, civil war or commotion, military or
usurped power, and by explosion, whether fire ensues or not, except
explosion of steam-boilers;
(b) To insure against loss or damage from any cause, to crops or
farm products and loss of rental value of land used in producing such
crops or products;
(c) To insure against loss or damage by water or other fluid to any
goods or premises arising from the breakage or leakage of sprinklers,
pumps, or other apparatus erected for extinguishing fires or of other
conduits or containers or by water entering through leaks or openings
in buildings and/or water-pipes, and against accidental injury to such
sprinklers, pumps, or other apparatus, conduits, containers or
water-pipes;
(d) To insure vessels, boats, cargoes, goods, merchandise, freight,
specie, bullion, jewels, profits, commissions, bank notes, bills of
exchange, other evidences of debt, bottomry and respondentia
interests, and other property against loss or damage by any or all of
the risks of lake, river, canal and inland navigation and
transportation, and other insurances appertaining to or connected
with marine risks, including complete line coverage automobile
insurance, and also insurance on any other property or risk, or the use
thereof, by reason of any contingency unless the granting of such
insurance is contrary to public policy. However, such companies may
not grant or make insurance against:
(1) losses arising from explosion of steam boilers;
(2) losses arising from breakage of plate or other glass, except
when caused by fire, wind, or hail storm, and except when the
loss occurs to glass which is a part of any dwelling house;
(3) risks of the classes commonly known as fidelity insurance
and surety bonds;
(4) risks of the classes commonly known as burglary or theft
insurance, except as above specifically permitted, and except
for the risks to any dwelling house; and
(5) the risk of legal liability by reason of bodily injury to the
person except as such liability may result from the ownership,
maintenance, use or operation of an automobile. (Formerly: Acts 1935, c.162, s.59; Acts 1957, c.265, s.1; Acts 1959,
c.87, s.1; Acts 1961, c.138, s.2.) As amended by Acts 1978, P.L.129,
SEC.1; Acts 1982, P.L.160, SEC.1; P.L.260-1983, SEC.5.
IC 27-1-5-2 Management of segregated investment account
Sec. 2. Notwithstanding any other provisions of this article, any
company which has established or establishes on or after March 8,
1935, a segregated investment account of assets as authorized in
Class 1(c) of section 1 of this chapter may provide that such
segregated investment account of assets shall be managed by a
committee, board, or similarly designated body, the members of
which need not be otherwise affiliated with such company or its
board of directors and the members of which may be elected solely
by the owners of the contracts issued and outstanding under such
account, and may further provide that each contract owner under
such account shall have the right, with respect to the election of
members of such committee, board, or body and with respect to other
matters pertaining only to such account, to vote a number of votes
proportionate to the value of the contract owner's interest in the
account in the manner provided by such rules as may be adopted by
such committee, board, or body. (Formerly: Acts 1935, c.162, s.59a; Acts 1967, c.127, s.6.) As
amended by P.L.252-1985, SEC.13.
IC 27-1-5-3 "Property" and "property interests" defined
Sec. 3. "Property" and "property interests", as used in section 1 of
this chapter, shall include real and personal property, chattels real,
currency, coin, bank notes, bullion, postage or revenue stamps,
express, postal, pension or bank money orders, bonds, debentures,
checks, coupons, demand or time drafts, bills of exchange,
acceptances, promissory notes, certificates of deposit, certificates of
stock, warehouse receipts, bills of lading, and all other choses in
action. (Formerly: Acts 1935, c.162, s.60.) As amended by P.L.252-1985,
SEC.14.
IC 27-1-5-4
Repealed
(Repealed by P.L.255-1995, SEC.15.)
IC 27-1-5-1 Authority to write one or more kinds of insurance; restrictions on
assessment plan companies; classes of insurance
Sec. 1. A company, including a foreign or alien company
authorized to transact business in Indiana, may make all or any one
(1) or more of the kinds of insurance and reinsurance comprised in
any one (1) of the following classes, subject to the provisions of
IC 27-1. However, insurance on the assessment plan is limited to the
making of insurance on the lives of persons and against disability
from disease, bodily injury or death by accident.
CLASS 1. INSURANCE APPERTAINING TO PERSONS
ONLY:
(a) To insure the lives of persons, including insurance against
permanent mental or physical disability resulting from accident or
disease, or against accidental death combined with a policy for life
insurance, and to grant, purchase or dispose of annuities;
(b) To insure against bodily injury or death by accident and
against disablement resulting from sickness and every insurance
appertaining thereto, including contracts between an insurer and
policyholder providing for the indemnification of the policyholder
(or the other party) obligated to pay benefits resulting from bodily
injury, death by accident, or disablement from sickness in accordance
with the provisions of a benefit plan; however, for purposes of Class
2(1) of this section, this provision does not apply;
(c) Within the meaning of "Insurance Appertaining to Persons
Only," generally described in Class 1 of this section, are to be
included, among other things:
(1) contracts providing for immediate or future life insurance
and/or annuity benefits, fundable and/or computable as to cost
or payment or both; and
(2) contracts providing for insurance against bodily injury or
sickness, a portion of which may be funded;
out of or on the basis of assets in a segregated investment account;
the assets being those received by the company from or in relation to
contributions, premiums or considerations received by it under such
contracts. The establishment of such account shall in no way affect
the company's absolute ownership of the investment items to which
the account from time to time pertains. A company issuing contracts
of the nature described may as to them establish one (1) or more
segregated accounts, dependent upon the company's plan of
operation.
A segregated investment account established as contemplated in
this paragraph (c) shall not be chargeable with liabilities arising out
of any other business the company may conduct and which has no
specific relation to or dependence upon such account. Any surplus or
deficit which may arise in any such segregated investment account
by virtue of any guarantee by the company of the value of the assets
allocated to the account, their investment or income, or mortality
experience shall be adjusted by withdrawals from or additions to
such account so that the assets of such account shall always equal the
assets required to satisfy all liabilities arising under contracts
fundable by such account.
CLASS 2.
(a) To insure any persons against bodily injury, disablement or
death resulting from accident and against disablement resulting from
disease and every insurance appertaining thereto;
(b) To insure against loss or damage resulting from accident to, or
injury sustained by, an employee or other person for which accident
or injury the insured is liable;
(c) To insure against loss or damage by burglary, theft or
housebreaking;
(d) To insure glass, its fittings or lettering thereon, against
breakage or damage;
(e) To insure against loss from injury to persons or property which
results accidentally from steam-boilers, elevators, electrical devices,
engines and all machinery and appliances used in connection
therewith or operated thereby; and to make inspection of and issue
certificates of inspection upon such boilers, elevators, electrical
devices, engines, machinery and appliances;
(f) To insure against any loss, expense and/or liability resulting
from the ownership, maintenance, use and/or operation of any
automobile or other motor vehicle, including complete line coverage
on automobiles or other motor vehicles;
(g) To insure against loss or damage by water to any goods or
premises arising from the breakage or leakage of sprinklers and/or
water-pipes;
(h) To insure against any loss or damage resulting from accident
to or injury suffered by any person, for which loss or damage the
insured is liable; excepting employer's liability insurance as
authorized under subsection (b) of Class 2 of this section;
(i) To insure persons, associations or corporations against loss or
damage by reason of the giving or extending of credit;
(j) To insure against loss or damage on account of encumbrances
upon or defects in the title to real estate and against loss by reason of
the nonpayment of the principal or interest of bonds, mortgages or
other evidences of indebtedness;
(k) To become surety or guarantor for any person, partnership or
corporation in any position or place of trust or as custodian of money
or property, public or private; to become a surety or guarantor for the
performances by any person, copartnership or corporation of any
lawful obligation, undertaking, agreement or contract of any kind,
except contracts or policies of insurance, to become surety or
guarantor for the performance of insurance contracts where surety
bonds are required by states or municipalities. The business covered
by this subsection (k) shall be considered as fidelity and surety
obligations and construed as such regardless of any other
classification contained in this chapter to the contrary;
(l) To insure against any other casualty or insurance risk specified
in the articles of incorporation which lawfully may be made the
subject of insurance and for which specific provision is not made in
this chapter.
(m) To insure against legal expenses, such as attorneys fees, court
costs, witness fees and incidental expenses incurred in connection
with the use of the professional services of attorneys at law, in
consideration of a specified payment for an interval of time,
regardless of whether payment is made by the beneficiaries
individually or by a third person for them, so that the total cost
incurred by assuming the obligation is spread directly or indirectly
among the group, except those expenses resulting from the
following:
(1) Retainer contracts made with a single client with the fee
based on an estimate of the nature and the amount of services
that will be provided to that client, and similar contracts made
with a group of clients involved in the same or closely related
legal matters (such as class actions).
(2) Plans providing no benefits other than a limited amount of
consultation and advice on simple matters either alone or in
combination with referral services or the promise of fee
discounts for other matters.
(3) Plans providing limited benefits on simple legal matters on
a voluntary and informal basis, not involving a legally binding
promise, in the context of an employment or educational or
similar relationship.
(4) Legal services provided by unions or employee associations
to its members in matters solely relating to employment or
occupation, and provided, further, that nothing in this chapter
shall prohibit group legal services of any other kind.
(5) Payment of fines, penalties, judgments or assessments.
CLASS 3.
(a) To make insurance on buildings and personal property of
every description against loss or damage, including loss of use or
occupancy, caused by fire, smoke or smudge, lightning or other
electrical disturbance, earthquake, windstorm, cyclone, tornado,
tempest, hail, frost or snow, ice, sleet, weather or climatic conditions,
including excess or deficiency of moisture, flood, rain or drought,
rising of the waters of the ocean, or its tributaries, bombardment,
invasion, insurrection, riot, civil war or commotion, military or
usurped power, and by explosion, whether fire ensues or not, except
explosion of steam-boilers;
(b) To insure against loss or damage from any cause, to crops or
farm products and loss of rental value of land used in producing such
crops or products;
(c) To insure against loss or damage by water or other fluid to any
goods or premises arising from the breakage or leakage of sprinklers,
pumps, or other apparatus erected for extinguishing fires or of other
conduits or containers or by water entering through leaks or openings
in buildings and/or water-pipes, and against accidental injury to such
sprinklers, pumps, or other apparatus, conduits, containers or
water-pipes;
(d) To insure vessels, boats, cargoes, goods, merchandise, freight,
specie, bullion, jewels, profits, commissions, bank notes, bills of
exchange, other evidences of debt, bottomry and respondentia
interests, and other property against loss or damage by any or all of
the risks of lake, river, canal and inland navigation and
transportation, and other insurances appertaining to or connected
with marine risks, including complete line coverage automobile
insurance, and also insurance on any other property or risk, or the use
thereof, by reason of any contingency unless the granting of such
insurance is contrary to public policy. However, such companies may
not grant or make insurance against:
(1) losses arising from explosion of steam boilers;
(2) losses arising from breakage of plate or other glass, except
when caused by fire, wind, or hail storm, and except when the
loss occurs to glass which is a part of any dwelling house;
(3) risks of the classes commonly known as fidelity insurance
and surety bonds;
(4) risks of the classes commonly known as burglary or theft
insurance, except as above specifically permitted, and except
for the risks to any dwelling house; and
(5) the risk of legal liability by reason of bodily injury to the
person except as such liability may result from the ownership,
maintenance, use or operation of an automobile. (Formerly: Acts 1935, c.162, s.59; Acts 1957, c.265, s.1; Acts 1959,
c.87, s.1; Acts 1961, c.138, s.2.) As amended by Acts 1978, P.L.129,
SEC.1; Acts 1982, P.L.160, SEC.1; P.L.260-1983, SEC.5.
IC 27-1-5-2 Management of segregated investment account
Sec. 2. Notwithstanding any other provisions of this article, any
company which has established or establishes on or after March 8,
1935, a segregated investment account of assets as authorized in
Class 1(c) of section 1 of this chapter may provide that such
segregated investment account of assets shall be managed by a
committee, board, or similarly designated body, the members of
which need not be otherwise affiliated with such company or its
board of directors and the members of which may be elected solely
by the owners of the contracts issued and outstanding under such
account, and may further provide that each contract owner under
such account shall have the right, with respect to the election of
members of such committee, board, or body and with respect to other
matters pertaining only to such account, to vote a number of votes
proportionate to the value of the contract owner's interest in the
account in the manner provided by such rules as may be adopted by
such committee, board, or body. (Formerly: Acts 1935, c.162, s.59a; Acts 1967, c.127, s.6.) As
amended by P.L.252-1985, SEC.13.
IC 27-1-5-3 "Property" and "property interests" defined
Sec. 3. "Property" and "property interests", as used in section 1 of
this chapter, shall include real and personal property, chattels real,
currency, coin, bank notes, bullion, postage or revenue stamps,
express, postal, pension or bank money orders, bonds, debentures,
checks, coupons, demand or time drafts, bills of exchange,
acceptances, promissory notes, certificates of deposit, certificates of
stock, warehouse receipts, bills of lading, and all other choses in
action. (Formerly: Acts 1935, c.162, s.60.) As amended by P.L.252-1985,
SEC.14.
IC 27-1-5-4
Repealed
(Repealed by P.L.255-1995, SEC.15.)
IC 27-1-5-1 Authority to write one or more kinds of insurance; restrictions on
assessment plan companies; classes of insurance
Sec. 1. A company, including a foreign or alien company
authorized to transact business in Indiana, may make all or any one
(1) or more of the kinds of insurance and reinsurance comprised in
any one (1) of the following classes, subject to the provisions of
IC 27-1. However, insurance on the assessment plan is limited to the
making of insurance on the lives of persons and against disability
from disease, bodily injury or death by accident.
CLASS 1. INSURANCE APPERTAINING TO PERSONS
ONLY:
(a) To insure the lives of persons, including insurance against
permanent mental or physical disability resulting from accident or
disease, or against accidental death combined with a policy for life
insurance, and to grant, purchase or dispose of annuities;
(b) To insure against bodily injury or death by accident and
against disablement resulting from sickness and every insurance
appertaining thereto, including contracts between an insurer and
policyholder providing for the indemnification of the policyholder
(or the other party) obligated to pay benefits resulting from bodily
injury, death by accident, or disablement from sickness in accordance
with the provisions of a benefit plan; however, for purposes of Class
2(1) of this section, this provision does not apply;
(c) Within the meaning of "Insurance Appertaining to Persons
Only," generally described in Class 1 of this section, are to be
included, among other things:
(1) contracts providing for immediate or future life insurance
and/or annuity benefits, fundable and/or computable as to cost
or payment or both; and
(2) contracts providing for insurance against bodily injury or
sickness, a portion of which may be funded;
out of or on the basis of assets in a segregated investment account;
the assets being those received by the company from or in relation to
contributions, premiums or considerations received by it under such
contracts. The establishment of such account shall in no way affect
the company's absolute ownership of the investment items to which
the account from time to time pertains. A company issuing contracts
of the nature described may as to them establish one (1) or more
segregated accounts, dependent upon the company's plan of
operation.
A segregated investment account established as contemplated in
this paragraph (c) shall not be chargeable with liabilities arising out
of any other business the company may conduct and which has no
specific relation to or dependence upon such account. Any surplus or
deficit which may arise in any such segregated investment account
by virtue of any guarantee by the company of the value of the assets
allocated to the account, their investment or income, or mortality
experience shall be adjusted by withdrawals from or additions to
such account so that the assets of such account shall always equal the
assets required to satisfy all liabilities arising under contracts
fundable by such account.
CLASS 2.
(a) To insure any persons against bodily injury, disablement or
death resulting from accident and against disablement resulting from
disease and every insurance appertaining thereto;
(b) To insure against loss or damage resulting from accident to, or
injury sustained by, an employee or other person for which accident
or injury the insured is liable;
(c) To insure against loss or damage by burglary, theft or
housebreaking;
(d) To insure glass, its fittings or lettering thereon, against
breakage or damage;
(e) To insure against loss from injury to persons or property which
results accidentally from steam-boilers, elevators, electrical devices,
engines and all machinery and appliances used in connection
therewith or operated thereby; and to make inspection of and issue
certificates of inspection upon such boilers, elevators, electrical
devices, engines, machinery and appliances;
(f) To insure against any loss, expense and/or liability resulting
from the ownership, maintenance, use and/or operation of any
automobile or other motor vehicle, including complete line coverage
on automobiles or other motor vehicles;
(g) To insure against loss or damage by water to any goods or
premises arising from the breakage or leakage of sprinklers and/or
water-pipes;
(h) To insure against any loss or damage resulting from accident
to or injury suffered by any person, for which loss or damage the
insured is liable; excepting employer's liability insurance as
authorized under subsection (b) of Class 2 of this section;
(i) To insure persons, associations or corporations against loss or
damage by reason of the giving or extending of credit;
(j) To insure against loss or damage on account of encumbrances
upon or defects in the title to real estate and against loss by reason of
the nonpayment of the principal or interest of bonds, mortgages or
other evidences of indebtedness;
(k) To become surety or guarantor for any person, partnership or
corporation in any position or place of trust or as custodian of money
or property, public or private; to become a surety or guarantor for the
performances by any person, copartnership or corporation of any
lawful obligation, undertaking, agreement or contract of any kind,
except contracts or policies of insurance, to become surety or
guarantor for the performance of insurance contracts where surety
bonds are required by states or municipalities. The business covered
by this subsection (k) shall be considered as fidelity and surety
obligations and construed as such regardless of any other
classification contained in this chapter to the contrary;
(l) To insure against any other casualty or insurance risk specified
in the articles of incorporation which lawfully may be made the
subject of insurance and for which specific provision is not made in
this chapter.
(m) To insure against legal expenses, such as attorneys fees, court
costs, witness fees and incidental expenses incurred in connection
with the use of the professional services of attorneys at law, in
consideration of a specified payment for an interval of time,
regardless of whether payment is made by the beneficiaries
individually or by a third person for them, so that the total cost
incurred by assuming the obligation is spread directly or indirectly
among the group, except those expenses resulting from the
following:
(1) Retainer contracts made with a single client with the fee
based on an estimate of the nature and the amount of services
that will be provided to that client, and similar contracts made
with a group of clients involved in the same or closely related
legal matters (such as class actions).
(2) Plans providing no benefits other than a limited amount of
consultation and advice on simple matters either alone or in
combination with referral services or the promise of fee
discounts for other matters.
(3) Plans providing limited benefits on simple legal matters on
a voluntary and informal basis, not involving a legally binding
promise, in the context of an employment or educational or
similar relationship.
(4) Legal services provided by unions or employee associations
to its members in matters solely relating to employment or
occupation, and provided, further, that nothing in this chapter
shall prohibit group legal services of any other kind.
(5) Payment of fines, penalties, judgments or assessments.
CLASS 3.
(a) To make insurance on buildings and personal property of
every description against loss or damage, including loss of use or
occupancy, caused by fire, smoke or smudge, lightning or other
electrical disturbance, earthquake, windstorm, cyclone, tornado,
tempest, hail, frost or snow, ice, sleet, weather or climatic conditions,
including excess or deficiency of moisture, flood, rain or drought,
rising of the waters of the ocean, or its tributaries, bombardment,
invasion, insurrection, riot, civil war or commotion, military or
usurped power, and by explosion, whether fire ensues or not, except
explosion of steam-boilers;
(b) To insure against loss or damage from any cause, to crops or
farm products and loss of rental value of land used in producing such
crops or products;
(c) To insure against loss or damage by water or other fluid to any
goods or premises arising from the breakage or leakage of sprinklers,
pumps, or other apparatus erected for extinguishing fires or of other
conduits or containers or by water entering through leaks or openings
in buildings and/or water-pipes, and against accidental injury to such
sprinklers, pumps, or other apparatus, conduits, containers or
water-pipes;
(d) To insure vessels, boats, cargoes, goods, merchandise, freight,
specie, bullion, jewels, profits, commissions, bank notes, bills of
exchange, other evidences of debt, bottomry and respondentia
interests, and other property against loss or damage by any or all of
the risks of lake, river, canal and inland navigation and
transportation, and other insurances appertaining to or connected
with marine risks, including complete line coverage automobile
insurance, and also insurance on any other property or risk, or the use
thereof, by reason of any contingency unless the granting of such
insurance is contrary to public policy. However, such companies may
not grant or make insurance against:
(1) losses arising from explosion of steam boilers;
(2) losses arising from breakage of plate or other glass, except
when caused by fire, wind, or hail storm, and except when the
loss occurs to glass which is a part of any dwelling house;
(3) risks of the classes commonly known as fidelity insurance
and surety bonds;
(4) risks of the classes commonly known as burglary or theft
insurance, except as above specifically permitted, and except
for the risks to any dwelling house; and
(5) the risk of legal liability by reason of bodily injury to the
person except as such liability may result from the ownership,
maintenance, use or operation of an automobile. (Formerly: Acts 1935, c.162, s.59; Acts 1957, c.265, s.1; Acts 1959,
c.87, s.1; Acts 1961, c.138, s.2.) As amended by Acts 1978, P.L.129,
SEC.1; Acts 1982, P.L.160, SEC.1; P.L.260-1983, SEC.5.
IC 27-1-5-2 Management of segregated investment account
Sec. 2. Notwithstanding any other provisions of this article, any
company which has established or establishes on or after March 8,
1935, a segregated investment account of assets as authorized in
Class 1(c) of section 1 of this chapter may provide that such
segregated investment account of assets shall be managed by a
committee, board, or similarly designated body, the members of
which need not be otherwise affiliated with such company or its
board of directors and the members of which may be elected solely
by the owners of the contracts issued and outstanding under such
account, and may further provide that each contract owner under
such account shall have the right, with respect to the election of
members of such committee, board, or body and with respect to other
matters pertaining only to such account, to vote a number of votes
proportionate to the value of the contract owner's interest in the
account in the manner provided by such rules as may be adopted by
such committee, board, or body. (Formerly: Acts 1935, c.162, s.59a; Acts 1967, c.127, s.6.) As
amended by P.L.252-1985, SEC.13.
IC 27-1-5-3 "Property" and "property interests" defined
Sec. 3. "Property" and "property interests", as used in section 1 of
this chapter, shall include real and personal property, chattels real,
currency, coin, bank notes, bullion, postage or revenue stamps,
express, postal, pension or bank money orders, bonds, debentures,
checks, coupons, demand or time drafts, bills of exchange,
acceptances, promissory notes, certificates of deposit, certificates of
stock, warehouse receipts, bills of lading, and all other choses in
action. (Formerly: Acts 1935, c.162, s.60.) As amended by P.L.252-1985,
SEC.14.
IC 27-1-5-4
Repealed
(Repealed by P.L.255-1995, SEC.15.)
