Indiana § 27-8-2-2 - Failure to pay amount specified; proceedings to close business

§ 27-8-2-2. Failure to pay amount specified; proceedings to close business

Sec. 2. Failure to pay the amount, whether in friendly settlement or by judgment of court, within thirty (30) days of its adjudication, shall constitute a forfeiture of the right of the delinquent corporation to further continue in business in this state, in the case of an insurance corporation of another state, and in the case of an insurance corporation of this state, it shall be the duty of the insurance commissioner to report the facts to the attorney general, who shall immediately bring suit to close up the business of the delinquent corporation. Nothing in this chapter shall be construed as affecting any organization doing business under IC 27-11.

Formerly: Acts 1901, c.214, s.2. As amended by P.L.252-1985, SEC.274; P.L.3-1990, SEC.98.

IC 27-8-3Chapter 3. Mutual Life and Accident─Formation

27-8-3-1Authority to incorporate; purposes; articles of incorporation; initial applications; approval and filing documents; license 27-8-3-2Corporate powers 27-8-3-3Directors, trustees, or managers 27-8-3-4Determination of fee rates and amount of premiums, assessments, or periodical calls; risks 27-8-3-5Reincorporation of domestic assessment plan companies; exceptions 27-8-3-6Application of chapter to assessment plan companies; exceptions 27-8-3-7Accumulation of reserve or emergency fund; investment; additional funds; use of excess 27-8-3-8Assignment of policy to person without insurable interest void 27-8-3-9Annual report; failure to file report and pay fees; suspension from doing business 27-8-3-10Accident insurance business on assessment plan 27-8-3-11Reserve emergency fund 27-8-3-12Report of affairs and operations; suspension for failure to file 27-8-3-13Authority to deposit securities; investment of reserve funds 27-8-3-14Specification of amount payable upon particular contingency; obligation for payment; suspension of right to issue new policies until payment made 27-8-3-15Transfer or reinsurance of risks; approval; notice of preference for transfer to different corporation 27-8-3-16Examination at request of corporation; certificate of results; expense 27-8-3-17Visitation and inspection; insolvency or improper business practices; report; order to show cause for termination of business 27-8-3-18Attorney general; exclusive power to apply for accounting, injunction, or receivership 27-8-3-19Foreign corporations; requirements for authority to do business; revocation of authority; retaliation clause 27-8-3-20Foreign corporations; service of process 27-8-3-21Fraudulent representations; offenses 27-8-3-22Eligible beneficiaries; change of beneficiary 27-8-3-23Exemption of benefits and premiums from judicial process 27-8-3-24Violations; revocation of power to do business 27-8-3-25Fees 27-8-3-26Exempt organizations 27-8-3-27Legal reserves; compulsory deposits; filing of forms; exceptions