Indiana § 27-1-3-24 Declaration of dividend other than from earned surplus; approval

Indiana Statutes

§ 27-1-3-24 — Declaration of dividend other than from earned surplus; approval

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 3 General Powers and Duties of the Department

(a)As used in this section, "earned surplus" means an amount equal to the unassigned funds of an insurer as set forth in the most recent annual statement of the insurer that is submitted to the commissioner, excluding surplus arising from unrealized capital gains or revaluation of assets.

(b)A domestic insurer may not:

(1)declare; or

(2)pay; a dividend from any source of money other than earned surplus unless the commissioner approves the payment of the dividend before the dividend is paid.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) As used in this section, "earned surplus"
means an amount equal to the unassigned funds of an insurer as set
forth in the most recent annual statement of the insurer that is
submitted to the commissioner, excluding surplus arising from
unrealized capital gains or revaluation of assets.
(b) A domestic insurer may not:
(1) declare; or
(2) pay;
a dividend from any source of money other than earned surplus unless
the commissioner approves the payment of the dividend before the
dividend is paid.

Indiana § 27-1-3-24 (Declaration of dividend other than from earned surplus; approval) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.