§ 27-1-17-7 — Trustees of assets of alien insurer

Indiana § 27-1-17-7

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

Text

The directors of an alien company may appoint
citizens or corporations of the United States, approved by the
commissioner, as its trustees to hold funds and assets in trust for the
benefit of the policyholders and creditors of the company in the United
States. A certified copy of the record of such appointment and of the
deed of trust shall be filed with the commissioner, who may examine
such trustees and any officers and agents, books and papers of the
company in the same manner as he may examine officer, agents, books,
papers and affairs of insurance companies. The funds and assets so
held by such trustees shall, with the deposits otherwise made by the
company and the funds and assets held by the company in the United
States for the benefit of its policyholders and creditors in the United
States, constitute the assets of the company for the purpose of making
its financial statements required by this law.
Formerly: Acts 1935, c.162, s.232.