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

Indiana § 27-1-3-24

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

Text

(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.

Legislative History

As added by P.L.130-1994, SEC.3 and P.L.116-1994, SEC.7.