Indiana § 27-1-20-25 Organization of new companies on Lloyds or assessment plan
prohibited; surplus requirement for reciprocal plan

Indiana Statutes

§ 27-1-20-25 — Organization of new companies on Lloyds or assessment plan prohibited; surplus requirement for reciprocal plan

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

(a)A domestic company that organized after March 7, 1935, may not operate:

(1)an insurance business on the assessment plan; or

(2)an insurance business as Lloyds.

(b)A domestic company may not operate an insurance business on the reciprocal plan as an interinsurer or individual underwriter unless it has a surplus over all policy liabilities of not less than two hundred fifty thousand dollars ($250,000). Formerly: Acts 1935, c.162, s.272. As amended by Acts 1977, P.L.282, SEC.4.

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(a) A domestic company that organized after
March 7, 1935, may not operate:
(1) an insurance business on the assessment plan; or
(2) an insurance business as Lloyds.
(b) A domestic company may not operate an insurance business on
the reciprocal plan as an interinsurer or individual underwriter unless
it has a surplus over all policy liabilities of not less than two hundred
fifty thousand dollars ($250,000).
Formerly: Acts 1935, c.162, s.272. As amended by Acts 1977,
P.L.282, SEC.4.

Indiana § 27-1-20-25 (Organization of new companies on Lloyds or assessment plan prohibited; surplus requirement for reciprocal plan) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.