This text of Indiana § 27-1-15.8-4 (Percent of gross premiums remitted to department; affidavit and
financial statement filed with department) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)In addition to all other charges, fees, and
taxes that may be imposed by law, a surplus lines producer licensed
under this chapter shall, on or before February 1 of each year, collect
from the insured and remit to the department for the use and benefit of
the state of Indiana an amount equal to two and one-half percent (2
1/2%) of all gross premiums upon all policies and contracts procured:
(1)by the surplus lines producer;
(2)under the provisions of this section;
(3)for insureds whose home state is Indiana; and
(4)during the preceding twelve (12) month period ending
December 31.
The declarations page of a policy referred to in this subsection must
itemize the amounts of all charges for taxes, fees, and premiums.
(b)A licensed surplus lines producer shall execute and file with the
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(a) In addition to all other charges, fees, and
taxes that may be imposed by law, a surplus lines producer licensed
under this chapter shall, on or before February 1 of each year, collect
from the insured and remit to the department for the use and benefit of
the state of Indiana an amount equal to two and one-half percent (2
1/2%) of all gross premiums upon all policies and contracts procured:
(1) by the surplus lines producer;
(2) under the provisions of this section;
(3) for insureds whose home state is Indiana; and
(4) during the preceding twelve (12) month period ending
December 31.
The declarations page of a policy referred to in this subsection must
itemize the amounts of all charges for taxes, fees, and premiums.
(b) A licensed surplus lines producer shall execute and file with the
department of insurance on or before the twentieth day of each month
an affidavit that specifies all transactions, policies, and contracts
procured during the preceding calendar month, including:
(1) the description and location of the insured property or risk and
the name of the insured;
(2) the gross premiums charged in the policy or contract;
(3) the name and home office address of the insurer whose policy
or contract is issued, and the kind of insurance effected; and
(4) a statement that:
(A) the licensee, after diligent effort, was unable to procure
from any insurer authorized to transact the particular class of
insurance business in Indiana the full amount of insurance
required to protect the insured; and
(B) the insurance placed under this chapter is not placed for the
purpose of procuring it at a premium rate lower than would be
accepted by an insurer authorized and licensed to transact
insurance business in Indiana.
(c) A licensed surplus lines producer shall file with the department,
not later than March 31 of each year, the financial statement, dated as
of December 31 of the preceding year, of each unauthorized insurer
from whom the surplus lines producer has procured a policy or
contract. The insurance commissioner may, in the commissioner's
discretion, after reviewing the financial statement of the unauthorized
insurer, order the surplus lines producer to cancel an unauthorized
insurer's policies and contracts if the commissioner is of the opinion
that the financial statement or condition of the unauthorized insurer
does not warrant continuance of the risk.
(d) A licensed surplus lines producer shall keep a separate account
of all business transacted under this section. The account may be
inspected at any time by the commissioner or the commissioner's
deputy or examiner.
(e) An insurer that issues a policy or contract to insure a risk under
this section is considered to have appointed the commissioner as the
insurer's attorney upon whom process may be served in Indiana in any
suit, action, or proceeding based upon or arising out of the policy or
contract.
(f) The commissioner may revoke or refuse to renew a surplus lines
producer's license for failure to comply with this section.
(g) A surplus lines producer licensed under this chapter may accept
and place policies or contracts authorized under this section for an
insurance producer duly licensed in Indiana, and may compensate the
insurance producer even though the insurance producer is not licensed
under this chapter.
(h) If a surplus lines producer does not remit an amount due to the
department within the time prescribed in subsection (a), the
commissioner shall assess the surplus lines producer a penalty of ten
percent (10%) of the amount due. The commissioner shall assess a
further penalty of an additional one percent (1%) of the amount due for
each month or portion of a month that any amount due remains unpaid
after the first month. Penalties assessed under this subsection are
payable by the surplus lines producer and are not collectible from an
insured.