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 § 27-1-20-25

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 20Additional Provisions Pertaining to All Insurance

This text of Indiana § 27-1-20-25 (Organization of new companies on Lloyds or assessment plan prohibited; surplus requirement for reciprocal plan) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-20-25 (2026).

Text

(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.