Indiana § 27-7-1-1 - Participating underwriters; certificate of authority; application

§ 27-7-1-1. Participating underwriters; certificate of authority; application

Sec. 1. Except on a surplus lines basis under IC 27-1-15.8, no persons, partnerships or corporations shall engage in the business of such insurance as is herein specified as "Lloyds" unless twenty-five (25) or more persons, partnerships or corporations, a majority of whom shall be bona fide residents of the state of Indiana shall have a certificate of authority from the insurance commissioner so to do. The application for such certificate of authority shall be signed by the attorney or attorneys in fact of those persons desiring such certificate, and must be accompanied by a declaration which must set forth the following provisions:

1. The name under which the business is to be conducted, which name shall contain the word "Lloyds," and shall not be similar to that of any existing Lloyds association or corporation in this state, as, in the opinion of the insurance commissioner, is calculated to deceive or mislead.

2. The exact location of the principal office in which the business is to be conducted, which office must be in the state of Indiana.

3. The kind of insurance intended to be written, which shall be only as hereinafter stated.

4. An exact copy of the articles of association or copartnership agreement, made by and between such underwriters.

5. Name, address and amount subscribed by each of the underwriters so proposing to engage in said business.

6. The designation or appointment of one (1) or more attorneys in fact, who shall have residence in Indiana, with full name and address, upon any one of whom summons or consent legal process can be served.

7. That amounts subscribed by said underwriters have been paid as follows:

(A) Not less than twenty-five percent (25%) of said subscriptions in cash.

(B) Not more than fifty percent (50%) of said subscription secured by collateral note (payable on thirty (30) days demand) duly approved by a committee selected by the subscribers to pass thereon.

(C) Not more than twenty-five percent (25%) of said subscription evidenced by subscriber's individual note.

8. That the total of said subscription shall not be less than two hundred and fifty thousand dollars ($250,000), and that at least twenty-five percent (25%) thereof has been paid in cash.

Formerly: Acts 1919, c.177, s.1. As amended by P.L.148-2017, SEC.9.