Indiana § 27-1-20-11 Discontinuance of business; procedure for return of deposited
securities

Indiana Statutes

§ 27-1-20-11 — Discontinuance of business; procedure for return of deposited securities

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 20 Additional Provisions Pertaining to All Insurance

When any company determines to
discontinue its business and ceases to do business in this state and
desires to withdraw its deposit made in this state pursuant to this
article, the department shall upon the application of the company and
at the expense of the company give notice of such intention in a
newspaper of general circulation in the state once a week for a period
of four (4) weeks. After such publication it shall deliver to such
company or its assigns the securities so deposited when it is satisfied
upon examination and investigation made by it or under its authority
and upon the oaths of the president or a vice president and the secretary
or an assistant secretary of the company that all debts and liabilities of
every kind due and to become due which the deposit was made to
secure

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When any company determines to
discontinue its business and ceases to do business in this state and
desires to withdraw its deposit made in this state pursuant to this
article, the department shall upon the application of the company and
at the expense of the company give notice of such intention in a
newspaper of general circulation in the state once a week for a period
of four (4) weeks. After such publication it shall deliver to such
company or its assigns the securities so deposited when it is satisfied
upon examination and investigation made by it or under its authority
and upon the oaths of the president or a vice president and the secretary
or an assistant secretary of the company that all debts and liabilities of
every kind due and to become due which the deposit was made to
secure are paid and extinguished.
Formerly: Acts 1935, c.162, s.258. As amended by
P.L.252-1985, SEC.91.

Indiana § 27-1-20-11 (Discontinuance of business; procedure for return of deposited securities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.