§ 27-1-17-4 — Documents required for admittance

Indiana § 27-1-17-4

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 17: Admission of Foreign and Alien Companies to Transact

Text

Whenever a foreign or an alien insurance
company desires to be admitted to do an insurance business in this
state, it shall execute in the English language and present the following
to the department, at its office, accompanied by the fees prescribed by
law:
(1) A copy of its articles of incorporation or association, with all
amendments thereto, duly authenticated by the proper officer of
the state, country, province, or government wherein it is
incorporated or organized, or the state in which it is domiciled in
the United States.
(2) An application for admission, executed in the manner
provided in this chapter, setting forth:
(A) the name of such company;
(B) the location of its principal office or place of business
without this state;
(C) the names of the states in which it has been admitted or
qualified to do business;
(D) the character of insurance business under its articles of
incorporation or association which it intends to transact in this
state, which must conform to the class or classes set forth in the
provisions of IC 27-1-5-1;
(E) the total authorized capital stock of the company and the
amount thereof issued and outstanding, and the surplus required
of such company by the laws of the state, country, province, or
government under which it is organized, or the state in which
it is domiciled in the United States, if a stock company, which
shall equal at least the requirements set forth in section 5(a) of
this chapter;
(F) the total amount of assets and the surplus of assets over all
its liabilities, if other than a stock company, which shall equal
at least the requirements set forth in section 5(b) of this chapter;
(G) if an alien company, the surplus of assets invested
according to the laws of the state in the United States where it
has its deposit, which shall equal at least the requirements set
forth in section 5(c) of this chapter; and
(H) such further and additional information as the department
may from time to time require.
The application shall be signed, in the form prescribed by the
department, by the president or a vice president and the secretary
or an assistant secretary of the corporation, and verified under
oath by the officers signing the same.
(3) A statement of its financial condition and business, in the form
prescribed by law for annual statements, signed and sworn to by
the president or secretary or other principal officers of the
company; provided, however, that an alien company shall also
furnish a separate statement comprising only its condition and
business in the United States, which shall be signed and sworn to
by its United States manager.
(4) A copy of the last report of examination certified to by the
insurance commissioner or other proper supervisory official of the
state in which such company is domiciled; provided, however,
that the commissioner may cause an examination to be made of
the condition and affairs of such company before authority to
transact business in this state is given.
(5) A certificate from the proper official of the state, country,
province, or government wherein it is incorporated or organized,
or the state in which it is domiciled in the United States, that it is
duly organized or incorporated under those laws and authorized
to make the kind or kinds of insurance which it proposes to make
in this state.
(6) A copy of its bylaws or regulations, if any, certified to by the
secretary or similar officer of the insurance company.
(7) A duly executed power of attorney in a form prescribed by the
department which constitutes and appoints an individual or a
corporate resident of Indiana, or an authorized Indiana insurer, as
the insurance company's agent, its true and lawful attorney upon
whom, except as provided in section 4.2 of this chapter, all lawful
processes in any action in law or in equity against it shall be
served. Such power of attorney shall contain an agreement by the
insurance company that any lawful process against it which may
be served upon the agent as its attorney shall be of the same force
and validity as if served upon the insurance company and that
such power of attorney shall continue in force and be irrevocable
so long as any liability of the insurance company remains
outstanding in this state. Such power of attorney shall be executed
by the president and secretary of the insurance company or other
duly authorized officers under its seal and shall be accompanied
by a certified copy of the resolution of the board of directors of
the company making said appointment and authorizing the
execution of said power of attorney. Service of any lawful process
shall be by delivering to and leaving with the agent two (2) copies
of such process, with copy of the pertinent complaint attached.
The agent shall forthwith transmit to the defendant company at its
last known principal place of business by registered or certified
mail, return receipt requested, one (1) of the copies of such
process, with complaint attached, the other copy to be retained in
a record which shall show all process served upon and transmitted
by the agent. Such service shall be sufficient provided the
returned receipt or, if the defendant company shall refuse to
accept such mailing, the registered mail together with an affidavit
of plaintiff or the plaintiff's attorney stating that service was made
upon the agent and forwarded as above set forth but that such
mail was returned by the post office department is filed with the
court. The agent shall make information and receipts available to
plaintiff, defendant or their attorneys. No plaintiff or complainant
shall be entitled to a judgment by default based on service
authorized by this section until the expiration of at least thirty (30)
days from the date on which either the post office receipt or the
unclaimed mail together with affidavit is filed with the court.
Nothing in this section shall limit or abridge the right to serve any
process, notice or demand upon any company in any other manner
permitted by law.
(8) Proof which satisfies the department that it has complied with
the financial requirements imposed in this chapter upon foreign
and alien insurance companies which transact business in this
state and that it is entitled to public confidence and that its
admission to transact business in this state will not be prejudicial
to public interest.
Formerly: Acts 1935, c.162, s.229; Acts 1967, c.127, s.5. As
amended by P.L.252-1985, SEC.74; P.L.130-1994, SEC.25;
P.L.116-1994, SEC.35; P.L.268-1999, SEC.6; P.L.126-2001, SEC.2;
P.L.193-2006, SEC.5; P.L.129-2014, SEC.6.