Indiana § 27-1-6-21 - Company domiciled in Indiana; requirements

§ 27-1-6-21. Company domiciled in Indiana; requirements

Sec. 21. (a) A company that is approved by the department after June 30, 2000, to be domiciled in Indiana, must have and maintain in Indiana the following:

(1) A physical presence that provides economic benefit to the state.

(2) Complete records of the company's assets, transactions, and affairs in accordance with methods and systems that are customary or suitable to the kind or kinds of insurance transacted by the company, including all records required under IC 27-1-7-16. Records may be maintained in a form that is physically or electronically available to the department within Indiana.

(b) The commissioner shall determine whether the requirements of subsection (a) are met. In making a determination under subsection (a)(1), the commissioner shall compare and consider the following:

(1) The economic benefit to Indiana and Indiana communities offered by the domestication of the company.

(2) The costs that may be incurred by the state in regulating the company as a domestic company versus a foreign company.

(c) If a domestic company subject to this section fails to comply with the provisions of subsection (a), the commissioner may:

(1) require the company to transfer its domicile under IC 27-1-6.5-2; or

(2) annually impose an additional administrative fee on the company in an amount equal to the difference between the cost of regulating the company as a domestic company and the cost of regulating the company as a foreign company. The fee shall be deposited in the department of insurance fund established by IC 27-1-3-28.

(d) In the case of a company that is part of an insurance holding company system (as defined in IC 27-1-23-1) whose presence provides an economic benefit to the state, the commissioner shall consider the insurance holding company system and any domestic company in the aggregate when making the determination required under subsection (b).

As added by P.L.144-2000, SEC.1.

IC 27-1-6.5Chapter 6.5. Redomestication of Insurers

27-1-6.5-1Foreign insurers; qualification as domestic insurer; requirements 27-1-6.5-2Domestic insurers; transfer of domicile to another state; approval 27-1-6.5-3Foreign insurers; change of domicile to another foreign state; merger or consolidation conditions 27-1-6.5-4Transfer of domicile to another state; requisites 27-1-6.5-5Transfer of domicile to this or another state; effectiveness of certificate of authority 27-1-6.5-6Regulations

IC 27-1-6.5-1Foreign insurers; qualification as domestic insurer; requirements Sec. 1. (a) Any foreign insurance company which is admitted to transact business in Indiana may, upon complying with the requirements for formation of a domestic company under IC 27-1-6, become a domestic insurer. When those requirements have been met, the commissioner may issue a certificate of authority, under IC 27-1-3-20, to permit the company to transact business in the state as a domestic company.

(b) A company which changes its status from foreign to domestic under subsection (a) has all the rights, titles, and interests in the assets of the original corporation, as well as all of its liabilities and obligations. The company shall be recognized as a company formed under the laws of this state as of the date of its incorporation in its original domiciliary state.

As added by Acts 1980, P.L.170, SEC.1.

IC 27-1-6.5-2Domestic insurers; transfer of domicile to another state; approval Sec. 2. Any domestic insurance company may, upon the approval of the commissioner, transfer its domicile from this state to any other state in which it is admitted to transact business. The commissioner shall approve the proposed transfer of domicile, unless he determines that the transfer is contrary to the best interests of the company's policyholders. If the commissioner does not approve the transfer, he shall give the company written notice of the refusal and the reasons for it within thirty (30) days after the date the request for transfer was made. If the request for transfer is granted, and the company is otherwise qualified, it may operate in this state as a foreign insurer without interruption in licensing.

As added by Acts 1980, P.L.170, SEC.1.

IC 27-1-6.5-3Foreign insurers; change of domicile to another foreign state; merger or consolidation conditions Sec. 3. Any foreign insurance company admitted to transact business in this state may, upon proper notice to the commissioner, change its domicile by merger, consolidation, or otherwise to another foreign state without interruption of its licensing and without reapplying as a foreign insurer if:

(1) the change in domicile does not result in a reduction in the company's assets or surplus below the requirements for admission as a foreign insurer under IC 27-1-17-5;

(2) there is no substantial change in the lines of insurance to be written by the company; and

(3) the change in domicile has been approved by the supervising regulatory officials of both the former and new state of domicile.

As added by Acts 1980, P.L.170, SEC.1.

IC 27-1-6.5-4Transfer of domicile to another state; requisites Sec. 4. Each insurer admitted to transact business in this state that transfers its domicile to any other state shall notify the commissioner of the proposed transfer and shall file promptly with him any necessary amendments to articles of incorporation, charters, bylaws, and other corporate documents.

As added by Acts 1980, P.L.170, SEC.1.

IC 27-1-6.5-5Transfer of domicile to this or another state; effectiveness of certificate of authority Sec. 5. When any insurer admitted to transact business in this state transfers its domicile to this or any other state, its certificate of authority, insurance producers' appointments and licenses, policy forms, rates, authorizations, and other filings and approvals which existed at the time of the transfer, remain in effect after the transfer of domicile occurs.

As added by Acts 1980, P.L.170, SEC.1. Amended by P.L.178-2003, SEC.15.

IC 27-1-6.5-6Regulations Sec. 6. The commissioner may develop and promulgate regulations, under IC 4-22-2, to carry out the purposes of this chapter.

As added by Acts 1980, P.L.170, SEC.1.

IC 27-1-7Chapter 7. General Corporate Powers and Responsibilities of Insurance Companies

27-1-7-1"Corporation" defined 27-1-7-2Capacity and authority to act; general rights, privileges, and powers; excluded powers 27-1-7-3Principal office; change of location 27-1-7-4Shares of stock; classes; sale for less than par; shareholders' liability; preemptive rights 27-1-7-5Stock certificate; contents; transferability 27-1-7-6Bylaws 27-1-7-7Meetings of shareholders, members, or policyholders; location; annual meeting; special meetings; notice; quorum; actions taken without meeting 27-1-7-8Voting rights of shareholders; shares that cannot be voted; voting by particular shareholders; proxy votes 27-1-7-9Voting rights of policyholders and members; proxy votes 27-1-7-9.5Shareholders' derivative proceedings; procedure 27-1-7-10Board of directors; general provisions; management of business; executive committee; removal of directors 27-1-7-11Citizenship and residence qualifications of directors 27-1-7-12Directors; attendance record and report; record of communications; annual examination and report of condition 27-1-7-12.5Directors; good faith discharge of duties; liability; conflict of interest; authorization of unlawful payments to shareholders 27-1-7-13Officers; secretary; duties; resignation; removal; contract rights 27-1-7-14Bonding officers having access to money or securities; blanket bond 27-1-7-15Loans to or borrowing by directors or officers; offense; exceptions 27-1-7-16Books and records to be kept at principal office 27-1-7-17Restrictions on dividend payments 27-1-7-18Repealed 27-1-7-19Mutual or stock companies; borrowing for surplus funds 27-1-7-20Authority of corporations, boards, and associations to insure with mutual insurance company 27-1-7-21Mutual companies; statement of maximum premium in policy; limitation of liability for single risk; reinsurance requirements 27-1-7-22Vouchers for disbursements 27-1-7-23Annual or other required statements; material false statement