IC 27-4-8-1 Capital requirements
Sec. 1. Any person or persons, or any copartnership, company, or
corporation organized under the laws of any other state than this
state, or any foreign country, and engaged in the business of insuring
plate glass, shall be allowed and permitted to do and transact such
business in this state when such company is possessed of at least one
hundred thousand dollars ($100,000) of actual capital invested in the
stock or bonds of some one (1) or more of the states of this Union or
of the United States, or the bonds of some one (1) or more of the
counties, cities, or towns of this state at the current value thereof, and
when such company and its agents shall have fully complied with all
the provisions and requirements of the laws of this state regulating
foreign insurance companies, except so much thereof as requires a
capital of two hundred thousand dollars ($200,000); provided, that
companies engaged in insuring plate glass and having less than two
hundred thousand dollars ($200,000) capital invested as required in
this chapter shall not engage in or transact any other kind of
business; provided, that whenever it shall appear to the insurance
commissioner that any such company, having one hundred thousand
dollars ($100,000) capital, shall have been, directly or indirectly,
doing business in this state prior to March 9, 1889, he shall not issue
license to such company, or authorize it to do business in this state,
until it shall have paid all taxes, fees, and penalties which should
have been chargeable to it had it, during such time, been authorized
to do business in this state, and not violated any of the laws
governing foreign insurance companies. (Formerly: Acts 1889, c.199, s.1.) As amended by P.L.252-1985,
SEC.179.
IC 27-4-8-1 Capital requirements
Sec. 1. Any person or persons, or any copartnership, company, or
corporation organized under the laws of any other state than this
state, or any foreign country, and engaged in the business of insuring
plate glass, shall be allowed and permitted to do and transact such
business in this state when such company is possessed of at least one
hundred thousand dollars ($100,000) of actual capital invested in the
stock or bonds of some one (1) or more of the states of this Union or
of the United States, or the bonds of some one (1) or more of the
counties, cities, or towns of this state at the current value thereof, and
when such company and its agents shall have fully complied with all
the provisions and requirements of the laws of this state regulating
foreign insurance companies, except so much thereof as requires a
capital of two hundred thousand dollars ($200,000); provided, that
companies engaged in insuring plate glass and having less than two
hundred thousand dollars ($200,000) capital invested as required in
this chapter shall not engage in or transact any other kind of
business; provided, that whenever it shall appear to the insurance
commissioner that any such company, having one hundred thousand
dollars ($100,000) capital, shall have been, directly or indirectly,
doing business in this state prior to March 9, 1889, he shall not issue
license to such company, or authorize it to do business in this state,
until it shall have paid all taxes, fees, and penalties which should
have been chargeable to it had it, during such time, been authorized
to do business in this state, and not violated any of the laws
governing foreign insurance companies. (Formerly: Acts 1889, c.199, s.1.) As amended by P.L.252-1985,
SEC.179.
IC 27-4-8-1 Capital requirements
Sec. 1. Any person or persons, or any copartnership, company, or
corporation organized under the laws of any other state than this
state, or any foreign country, and engaged in the business of insuring
plate glass, shall be allowed and permitted to do and transact such
business in this state when such company is possessed of at least one
hundred thousand dollars ($100,000) of actual capital invested in the
stock or bonds of some one (1) or more of the states of this Union or
of the United States, or the bonds of some one (1) or more of the
counties, cities, or towns of this state at the current value thereof, and
when such company and its agents shall have fully complied with all
the provisions and requirements of the laws of this state regulating
foreign insurance companies, except so much thereof as requires a
capital of two hundred thousand dollars ($200,000); provided, that
companies engaged in insuring plate glass and having less than two
hundred thousand dollars ($200,000) capital invested as required in
this chapter shall not engage in or transact any other kind of
business; provided, that whenever it shall appear to the insurance
commissioner that any such company, having one hundred thousand
dollars ($100,000) capital, shall have been, directly or indirectly,
doing business in this state prior to March 9, 1889, he shall not issue
license to such company, or authorize it to do business in this state,
until it shall have paid all taxes, fees, and penalties which should
have been chargeable to it had it, during such time, been authorized
to do business in this state, and not violated any of the laws
governing foreign insurance companies. (Formerly: Acts 1889, c.199, s.1.) As amended by P.L.252-1985,
SEC.179.
