Indiana § 27-8-1-13 - Qualification of foreign corporation

§ 27-8-1-13. Qualification of foreign corporation

Sec. 13. Any corporation, association, or society, organized under the laws of any other state or government to insure lives on the assessment plan, or any corporation carrying on the business of life or accident insurance on the assessment plan, shall be licensed by the state comptroller, upon the payment to the state comptroller of a fee of twenty-five dollars ($25), to do business in this state. However, the corporation or association shall first deposit with the state comptroller a certified copy of its charter or articles of incorporation, a copy of its statement of business for the preceding year, with the names and residence of its officers, sworn to by the president and secretary, or like officers, showing a detailed account of expenses and income, the amount of insurance in force, its assets and liabilities in detail, and setting forth that it has the ability to pay its policies or certificates to the full limit named in the policies or certificates; a certificate from the insurance commissioner or from a judge or clerk of a court of record of its home state, certifying that corporations or associations insuring life in the assessment plan, and paying policies in full, or providing accident indemnities, and chartered under the laws of this state are legally entitled to do business in its home state; a copy of its policy or certificate of membership, application and by-laws, which must show that death losses are, in the main, provided for by assessment upon the surviving members; and it shall legally designate an individual resident of Indiana, a corporate resident of Indiana, or an authorized Indiana insurer as its agent or attorney in fact, residing in this state, upon whom service of process for said company or association may be made, and the agent or attorney in fact shall immediately notify any corporation or association thus served.

Formerly: Acts 1883, c.136, s.13. As amended by P.L.268-1999, SEC.18; P.L.136-2018, SEC.189; P.L.9-2024, SEC.486.