Indiana § 27-8-3-27 - Legal reserves; compulsory deposits; filing of forms; exceptions

§ 27-8-3-27. Legal reserves; compulsory deposits; filing of forms; exceptions

Sec. 27. (a) Notwithstanding any of the provisions of sections 1 through 26 of this chapter, every corporation or association organized and operating under the provisions of this chapter shall on or before July 1, 1970, comply with the provisions of IC 27-1 relative to the maintenance of legal reserves required on all life insurance and health and accident insurance policies issued in this state, and relative to compulsory deposit of assets by life insurance companies, and relative to filing of forms, with particular reference to but not limited to IC 27-1-12-11 through IC 27-1-12-13, IC 27-1-12.8, IC 27-1-13-8, and IC 27-1-20-1 through IC 27-1-20-11.

(b) Provided, that this section shall not apply to any corporation or association that has prior to July 1, 1970, reorganized and accepted the provisions of IC 27-1, as provided in IC 27-1-11. Nor shall this section apply to any insurance policies issued or sold prior to July 1, 1970, or prior to any such reorganization under IC 27-1, whichever occurs earlier.

(c) Provided, further, that with respect to insurance policies issued by any corporation or association on a pure assessment basis, no premiums having been collected in advance, which corporation or association is incorporated and operating under this chapter as of August 18, 1969, and which has had in force between August 18, 1964, and August 18, 1969, insurance policies covering not less than fifteen thousand (15,000) members, such company or association shall maintain, beginning January 1, 1971, a legal reserve on its life assessment business on the basis of monthly renewable term insurance, and said monthly unearned premium reserve shall be calculated at one dollar and thirty cents ($1.30) per member.

(d) Such legal reserve shall be deposited with the insurance department under compulsory deposit provisions referred to in subsection (a).

Formerly: Acts 1897, c.195, s.26a; Acts 1969, c.236, s.1. As amended by P.L.252-1985, SEC.294; P.L.276-2013, SEC.29.

IC 27-8-4Chapter 4. Credit Life and Credit Accident and Health Insurance

27-8-4-0.1Application of certain amendments to chapter 27-8-4-1Purpose 27-8-4-2Citation; scope; definitions 27-8-4-3Forms of insurance 27-8-4-4Limitations on amount of insurance 27-8-4-5Term of insurance 27-8-4-6Policy or certificate; delivery; rejection of risk; to another insurer; credit for lower premium 27-8-4-7Filing of documents; disapproval of form of policy; effect; withdrawal of approval; review 27-8-4-8Revision of rate schedules; credit or refund of premiums 27-8-4-9Persons authorized to issue or deliver policies 27-8-4-9.5Debtor's right to cancel policy; required provisions in application form; time limit 27-8-4-10Report, adjustment, and settlement of claims 27-8-4-11Debtor's choice of insurer; use of existing policies 27-8-4-12Rules; order for compliance 27-8-4-13Judicial review 27-8-4-14Violations; civil penalty; revocation or suspension of license or certificate of authority