§ 27-1-35-10 — Exempt transactions

Indiana § 27-1-35-10

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 35: Business Transacted With Producer Controlled Property

Text

Notwithstanding section 9 of this chapter,
the provisions of sections 11 through 14 of this chapter do not apply if:
(1) the controlling producer:
(A) places insurance only with the controlled insurer, or only
with the controlled insurer and a member or members of the
controlled insurer's holding company system, or the controlled
insurer's parent, affiliate, or subsidiary and receives no
compensation based upon the amount of premiums written in
connection with such insurance; and
(B) accepts insurance placements only from nonaffiliated
subproducers, and not directly from insureds; and
(2) the controlled insurer, except for insurance business written
through a residual market facility accepts insurance business only
from a controlling producer, a producer controlled by the
controlled insurer, or a producer that is a subsidiary of the
controlled insurer.

Legislative History

As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.