§ 27-1-20-20 — Financial statement; requirements; violations; penalties

Indiana § 27-1-20-20

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

Text

Except as otherwise provided in this section,
every advertisement or public announcement and every sign, circular
or card issued or displayed by any domestic, foreign or alien company
doing business in this state, purporting to make known its financial
condition, shall state the amount of its paid-up capital, the assets
owned, its liabilities, including therein the premium and loss reserves
required by law, and the amount of net surplus of admitted assets over
all its liabilities actually available for the payment of its losses and
claims and held for the protection of its policyholders and shall
correspond to the next preceding verified statement made to the
department by such company. The foregoing shall not apply to a
statement showing only the capital stock paid up and the surplus
separately and combined, but such items shall not be in excess of the
corresponding items shown on the verified statements made by such
company to the department next preceding the making or issuing of the
same. Every advertisement or public announcement and every sign,
circular or card issued or displayed by an alien company doing business
in this state, purporting to make known its financial condition, shall
segregate and state separately the capital and assets held by its United
States branch, the liabilities, including therein the premium and loss
reserves required by law, and the amount of net surplus of assets over
all its liabilities actually available for the payment of its losses and
claims and held for the protection of its policyholders in the United
States and shall correspond to the next preceding verified annual
statement made by such company to the commissioner.
Despite any other provision of the laws of this state an insurer may,
subject to requirements set forth by regulation promulgated by the
Commissioner, publish financial statements or information based on
financial statements prepared on a basis which is in accordance with
requirements of a competent authority and which differs from the basis
of the statements which have been filed with the Insurance
Commissioner. Such differing financial statements or information
based on financial statements shall not be made the basis for the
application of provisions of any laws of this state not relating solely to
the publication of financial information unless such provisions
specifically so require.
For every willful violation of this section and section 19 of this
chapter by any such company or by an agent thereof the company shall
forfeit for the first offense to the state of Indiana the sum of five
hundred dollars ($500) and for every subsequent offense the sum of
one thousand dollars ($1,000), which, when recovered, shall be paid to
the state treasurer.
Formerly: Acts 1935, c.162, s.268; Acts 1974, P.L.123,
SEC.1.