§ 27-1-2-3 — Definitions

Indiana § 27-1-2-3

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 2: Application of Article; Definitions

Text

As used in this article, and unless a different
meaning appears from the context: (a) "Insurance" means a contract of
insurance or an agreement by which one (1) party, for a consideration,
promises to pay money or its equivalent or to do an act valuable to the
insured upon the destruction, loss or injury of something in which the
other party has a pecuniary interest, or in consideration of a price paid,
adequate to the risk, becomes security to the other against loss by
certain specified risks; to grant indemnity or security against loss for a
consideration.
(b) "Commissioner" means the "insurance commissioner" of this
state.
(c) "Department" means "the department of insurance" of this state.
(d) The term "company" or "corporation" means an insurance
company and includes all persons, partnerships, corporations,
associations, orders or societies engaged in or proposing to engage in
making any kind of insurance authorized by the laws of this state.
(e) The term "domestic company" or "domestic corporation" means
an insurance company organized under the insurance laws of this state.
(f) The term "foreign company" or "foreign corporation" means an
insurance company organized under the laws of any state of the United
States other than this state or under the laws of any territory or insular
possession of the United States or the District of Columbia.
(g) The term "alien company" or "alien corporation" means an
insurance company organized under the laws of any country other than
the United States or territory or insular possession thereof or of the
District of Columbia.
(h) The term "person" includes individuals, corporations,
associations, and partnerships; personal pronoun includes all genders;
the singular includes the plural and the plural includes the singular.
(k) The term "insurance solicitor" means any natural person
employed to aid an insurance producer in any manner in soliciting,
negotiating, or effecting contracts of insurance or indemnity other than
life.
(l) The term "principal office" means that office maintained by the
corporation in this state, the address of which is required by the
provisions of this article to be kept on file in the office of the
department.
(m) The term "articles of incorporation" includes both the original
articles of incorporation and any and all amendments thereto, except
where the original articles of incorporation only are expressly referred
to, and includes articles of merger, consolidation and reinsurance, and
in case of corporations, heretofore organized, articles of reorganization
filed in the office of the secretary of state, and all amendments thereto.
(n) The term "shareholder" means one who is a holder of record of
shares of stock in a corporation, unless the context otherwise requires.
(o) The term "policyholder" means one who is a holder of a contract
of insurance in an insurance company.
(p) The term "member" means one who holds a contract of
insurance or is insured in an insurance company other than a stock
corporation.
(q) The term "capital stock" means the aggregate amount of the par
value of all shares of capital stock.
(r) The term "capital" means the aggregate amount paid in on the
shares of capital stock of a corporation issued and outstanding.
(s) The term "life insurance company" means any company making
one or more of the kinds of insurance set out and defined in class 1(a)
of IC 27-1-5-1.
(t) The term "casualty insurance company" means any company
making the kind or kinds of insurance set out and defined in class 2 of
IC 27-1-5-1.
(u) The term "fire and marine insurance company" means any
company making the kind or kinds of insurance set out and defined in
class 3 of IC 27-1-5-1.
(v) The term "certificate of authority" means an instrument in
writing issued by the department to an insurer, which sets out the
authority of such insurer to engage in the business of insurance or
activities connected therewith.
(w) The term "premium" means money or any other thing of value
paid or given in consideration to an insurer, insurance producer, or
solicitor on account of or in connection with a contract of insurance
and shall include as a part but not in limitation of the above, policy
fees, admission fees, membership fees and regular or special
assessments and payments made on account of annuities.
(x) The term "insurer" means a company, firm, partnership,
association, order, society or system making any kind or kinds of
insurance and shall include associations operating as Lloyds, reciprocal
or inter-insurers, or individual underwriters.
(y) The terms "assessment plan" and "assessment insurance" mean
the mode or plan and the business of a corporation, association or
society organized and limited to the making of insurance on the lives
of persons and against disability from disease, bodily injury or death by
accident, and which provides for the payment of policy claims,
accumulation of reserve or emergency funds, and the expenses of the
management and prosecution of its business by payments to be made
either at stated periods named in the contract or upon assessments, and
wherein the insured's liability to contribute is not limited to a fixed
sum.
(z) "Agency billed" refers to a system in which an insured pays a
premium directly to an insurance agency.
(aa) "Reinsurer" means an insurer that:
(1) is principally engaged in the business of reinsurance;
(2) does not conduct a significant amount of direct insurance as
a percentage of the insurer's net premiums; and
(3) is not engaged on an ongoing basis in the business of
soliciting direct insurance.
Formerly: Acts 1935, c.162, s.3; Acts 1963, c.203, s.1. As
amended by Acts 1977, P.L.280, SEC.1; P.L.8-1993, SEC.409;
P.L.48-2000, SEC.1; P.L.178-2003, SEC.13; P.L.11-2011,
SEC.3.