§ 27-1-17-5 — Capital and surplus or surplus of assets over liabilities; investment of surplus

Indiana § 27-1-17-5

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

Text

(a) Every foreign insurance company
authorized to do business in this state shall have, in the case of a stock
company, at least the capital and surplus required of a domestic
insurance company which makes the same kind or kinds of insurance.
(b) Every foreign insurance company authorized to do business in
this state shall have, in the case of other than a stock company, at least
the assets with a surplus of assets over all liabilities required of a
domestic insurance company which makes the same kind or kinds of
insurance, and an additional contingent liability of its policyholders
equal to not less than the cash premium expressed in the policies in
force, if such contingent liability is required of a like domestic
insurance company.
(c) Every alien insurance company authorized to do business in this
state shall have the surplus of assets invested according to the laws of
the state in the United States, wherein it has its deposit, held in the
United States in trust for the benefit and security of all its policyholders
and creditors in the United States, over all its liabilities in the United
States, of an amount equal to the surplus of assets required of a like
domestic insurance company.
Formerly: Acts 1935, c.162, s.230.