Indiana § 27-1-3.5-5 Application of chapter; exemptions

Indiana Statutes

§ 27-1-3.5-5 — Application of chapter; exemptions

Indiana § 27-1-3.5-5

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 3.5Annual Audited Financial Reports

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Bluebook

Ind. Code § 27-1-3.5-5 (2026).

Text

(a)Except as provided in subsections (b) and

(c), this chapter applies to all domestic insurers.

(b)A domestic insurer that has:

(1)direct written premiums of less than one million dollars ($1,000,000) in any calendar year;

(2)less than one thousand (1,000) policyholders or certificate holders of directly written policies nationwide at the end of a calendar year; and

(3)assumed premiums under contracts or treaties of reinsurance of less than one million dollars ($1,000,000); is exempt from this chapter with respect to that year. However, the commissioner may require compliance with this chapter upon a finding that compliance with this chapter is necessary for the commissioner to carry out a statutory responsibility.

(c)A foreign or an alien insurer that files an audited financial rep

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(a) Except as provided in subsections (b) and
(c), this chapter applies to all domestic insurers.
(b) A domestic insurer that has:
(1) direct written premiums of less than one million dollars
($1,000,000) in any calendar year;
(2) less than one thousand (1,000) policyholders or certificate
holders of directly written policies nationwide at the end of a
calendar year; and
(3) assumed premiums under contracts or treaties of reinsurance
of less than one million dollars ($1,000,000);
is exempt from this chapter with respect to that year. However, the
commissioner may require compliance with this chapter upon a finding
that compliance with this chapter is necessary for the commissioner to
carry out a statutory responsibility.
(c) A foreign or an alien insurer that files an audited financial report
in another state or country pursuant to that state's or country's
requirement for audited financial reports is exempt, with respect to the
year of that audited financial report, from the requirement to file an
audited financial report with the commissioner under this chapter, if:
(1) the commissioner has found the other state's or country's
requirement for audited financial reports to be substantially
similar to the requirements of this chapter;
(2) copies of the audited financial report, a communication of
internal control related matters noted in an audit, and the
accountant's letter of qualifications filed with the other state or
country are filed with the commissioner in accordance with the
filing requirements set forth in sections 6, 8, and 12 of this
chapter; and
(3) a copy of a notification of an adverse financial condition
report that is filed with the other state is filed with the
commissioner within the time specified in section 11 of this
chapter.
This subsection does not prevent the commissioner from ordering,
conducting, or performing examinations of foreign or alien insurers
under the rules, regulations, and practices of the department.