§ 27-1-20-12 — Retaliatory provisions

Indiana § 27-1-20-12

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

Text

(a) When, by the laws of any other state, any
taxes, fines, penalties, licenses, fees, deposits of money or securities,
or other obligations or prohibitions are imposed upon insurance
companies of this or other states, or their agents, greater than are
required by laws of this state, then the same obligations and
prohibitions, of whatever kind, shall, in like manner for like purposes,
be imposed upon all insurance companies of such states and their
agents. All insurance companies of other nations, under this section,
shall be held as of the state where they have elected to make their
deposit and establish their principal agency in the United States.
(b) Whenever it shall be made to appear to the insurance
commissioner that permission to transact business within any state of
the United States, other than the state of Indiana, or within any foreign
country, is refused to an insurance company organized under the laws
of this state, after a certificate of the solvency and good management
of such company has been issued to it by the insurance commissioner
and after such company has complied with any reasonable laws of such
other state or foreign country requiring deposits of money or securities
with the government of such other state or foreign country, then and in
every such case, the commissioner may forthwith cancel the authority
of every insurance company organized under the laws of such other
state or foreign country and licensed to do business in this state, and
may refuse a certificate of authority to every such company thereafter
applying to him for authority to do business in this state, until his
certificate shall have been duly recognized by the government of such
other state or foreign country.
Formerly: Acts 1935, c.162, s.259; Acts 1937, c.288,
s.5.