§ 27-1-13-5 — Insured loans and investments

Indiana § 27-1-13-5

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 13: Casualty, Fire, and Marine Insurance Company Powers

Text

(a) Subject to such rules as the department
finds to be necessary and proper, any insurance company other than
one organized as a life insurance company organized under the
provisions of this article or any other law of this state and authorized
to make any or all of the kinds of insurance described in Class 2 or
Class 3 of IC 27-1-5-1 shall have the following powers:
(1) To make such loans and advances of credit and purchase of
obligations representing loans and advances of credit as are
eligible for insurance by the federal housing administrator, and to
obtain such insurance.
(2) To make such loans secured by mortgages on real property or
leasehold, as the federal housing administrator insures or makes
a commitment to insure, and to obtain such insurance.
(3) To purchase, invest its capital and other funds in, and dispose
of, notes or bonds secured by deed of trusts or mortgage insured
by the federal housing administrator or debentures issued by the
federal housing administrator, or bonds or other securities issued
by national mortgage associations.
(b) No law of this state prescribing the nature, amount, or form of
security or requiring security upon which loans or advances of credits
may be made, or prescribing or limiting interest rates upon loans or
advances of credit, or prescribing or limiting the period for which loans
or advances of credit may be made shall be deemed to apply to loans,
advances of credit, or purchases made pursuant to subsections (a)(1)
and (a)(2).
(c) Any rule made and promulgated under and pursuant to this
section may apply to one (1) or more of the insurance companies to
which this section is applicable.
Formerly: Acts 1935, c.162, s.173; Acts 1937, c.288, s.4. As
amended by P.L.252-1985, SEC.68.