Indiana § 27-1-20-31 Restrictions on interlocking directorates

Indiana Statutes

§ 27-1-20-31 — Restrictions on interlocking directorates

Indiana § 27-1-20-31

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 20Additional Provisions Pertaining to All Insurance

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Bluebook

Ind. Code § 27-1-20-31 (2026).

Text

Insurance corporations may have
interlocking directorates, provided no person at the same time shall be
a director in two (2) or more insurance corporations where the effect
may be to substantially lessen competition generally or tend to create
a monopoly. Whenever the commissioner of insurance has reason to
believe that there is a violation of this section, he shall have the
authority to proceed to an adjudication of the violation under IC 4-21.5-3.
Formerly: Acts 1935, c.162, s.273a; Acts 1949, c.90, s.1. As
amended by P.L.252-1985, SEC.101; P.L.7-1987, SEC.139.

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Insurance corporations may have
interlocking directorates, provided no person at the same time shall be
a director in two (2) or more insurance corporations where the effect
may be to substantially lessen competition generally or tend to create
a monopoly. Whenever the commissioner of insurance has reason to
believe that there is a violation of this section, he shall have the
authority to proceed to an adjudication of the violation under IC 4-21.5-3.
Formerly: Acts 1935, c.162, s.273a; Acts 1949, c.90, s.1. As
amended by P.L.252-1985, SEC.101; P.L.7-1987, SEC.139.