Indiana § 27-1-20-15 Automatic revocation of authority for failure to timely complete
organization

Indiana Statutes

§ 27-1-20-15 — Automatic revocation of authority for failure to timely complete organization

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

If any company, whether organized under
the provisions of this article or of any statute enacted prior to March 8,
1935, for the purpose of making any kind or kinds of insurance, does
not complete its organization and proceed with the transaction of
business, pursuant to the provisions of the statute under which it is
organized, within a period of one (1) year after its articles of
incorporation or its organization shall have been approved and filed in
the office of the secretary of state, the approval so given shall be
deemed to be revoked and such articles of incorporation or such
organization shall be null and void.
Formerly: Acts 1935, c.162, s.264. As amended by
P.L.252-1985, SEC.92.

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If any company, whether organized under
the provisions of this article or of any statute enacted prior to March 8,
1935, for the purpose of making any kind or kinds of insurance, does
not complete its organization and proceed with the transaction of
business, pursuant to the provisions of the statute under which it is
organized, within a period of one (1) year after its articles of
incorporation or its organization shall have been approved and filed in
the office of the secretary of state, the approval so given shall be
deemed to be revoked and such articles of incorporation or such
organization shall be null and void.
Formerly: Acts 1935, c.162, s.264. As amended by
P.L.252-1985, SEC.92.

Indiana § 27-1-20-15 (Automatic revocation of authority for failure to timely complete organization) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.