§ 27-1-12-32 — Financial qualifications of companies issuing certain contracts

A domestic life insurance company shall not
issue the type of life insurance or annuity contracts defined and
sanctioned under Class 1(c) of IC 27-1-5-1 unless, in addition to
fulfilling all other qualifications prescribed by law, it possesses assets
of not less than twenty million dollars ($20,000,000), or combined
capital and surplus, in the case of a stock company, or surplus, in the
case of a mutual company, of not less than two million five hundred
thousand dollars ($2,500,000). In applying these qualifications to a
subsidiary stock life insurance company that is a subsidiary company
(as defined in IC 27-1-23-2.6), the requirements concerning assets,
capital, and surplus shall be regarded as fulfilled if the consolidated
assets, capital, and surplus of the primary and subsidiary companies
equal or exceed the required amounts.
Formerly: Acts 1935, c.162, s.169.1; Acts 1961, c.138, s.3. As
amended by P.L.252-1985, SEC.66; P.L.1-2002, SEC.103.