§ 27-1-13-10 — Insurance rating bureaus; organizational regulations

Any insurance rating bureau which files any
rating plan, manual, classifications, rules or rates for fire, marine or
inland marine and allied risks insurance with the insurance department
of the state of Indiana for its members or subscribers shall as a
condition precedent to the filing of an application to act as a rating
bureau in the state of Indiana, establish in its constitution or by-laws
the right of domestic insurers organized and operating under the laws
of the state of Indiana, who are members of such rating bureau, to have
representation on the board of directors, board of governors or any
other governing body whatsoever, controlling said rating bureau, in an
amount of not less than thirty-three and one-third percent (33 1/3%) of
all of the voting members of such governing body. The constitution and
by-laws of said rating bureau shall also contain the condition that all
meetings of the governing body of said rating bureau shall be held
either in Chicago, Illinois or in Indianapolis, Indiana. However, this
section does not limit the representation of such domestic insurers on
said governing body. Indiana representatives on such governing body
shall be nominated by special meeting of the Indiana members of such
rating bureau at least ten (10) days preceding the election of
representatives on the governing body of such rating bureau. The
insurance commissioner of the state of Indiana shall have no right to
approve any such rating bureau as a rating bureau in the state of
Indiana until the aforesaid conditions are met by such bureau.
Formerly: Acts 1935, c.162, s.180a; Acts 1947, c.269, s.1. As
amended by P.L.136-2018, SEC.161.