§ 27-1-40-3 — Indiana as state of entry for alien company

Indiana § 27-1-40-3

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 40: Entry of Unauthorized Alien Companies

Text

Indiana may serve as a state of entry to enable
an alien company to transact insurance business in the United States
through a United States branch if the United States branch:
(1) qualifies under this title for a certificate of authority as if the
United States branch were a domestic company organized under
this title; and
(2) establishes a trust account that meets the following conditions:
(A) The trust account is established under a trust agreement
approved by the commissioner with a United States bank.
(B) The amount in the trust account is at least equal to:
(i) the minimum capital and surplus requirements; or
(ii) the authorized control level risk based capital
requirements;
whichever is greater, that apply to a domestic company that
possesses a certificate of authority to transact the same kind of
insurance business in Indiana as the United States branch will
transact.

Legislative History

As added by P.L.173-2007, SEC.20.