§ 27-1-40-5 — Certificate of authority for United States branch; requirements

Indiana § 27-1-40-5

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

Text

(a) The commissioner shall require a United
States branch to do the following before granting the United States
branch a certificate of authority to transact insurance business as
described in section 3(1) of this chapter:
(1) Comply with this chapter and any other requirement of this
title.
(2) Submit the following:
(A) A copy of the current charter and bylaws of the alien
company that intends to transact business through the United
States branch and any other documents determined by the
commissioner to be necessary to provide evidence of the kinds
of insurance business that the alien company is authorized to
transact. Documents submitted under this clause must be
attested to as accurate by the insurance supervisory official in
the alien company's domiciliary jurisdiction.
(B) A full statement, subscribed and affirmed as true under
penalty of perjury by two (2) officers or equivalent responsible
representatives of the alien company in a manner prescribed by
the commissioner, of the alien company's financial condition as
of the close of the alien company's latest fiscal year, showing
the alien company's:
(i) assets;
(ii) liabilities;
(iii) income disbursements;
(iv) business transacted; and
(v) other facts required to be shown in the alien company's
annual statement reported to the insurance supervisory
official in the alien company's domiciliary jurisdiction.
(C) An English translation, if necessary, of any document
submitted under this subdivision.
(3) Submit to an examination of the affairs of the alien company
that intends to transact business through the United States branch
at the alien company's principal office in the United States.
However, the commissioner may accept a report of the insurance
supervisory official in the alien company's domiciliary jurisdiction
in lieu of the examination required under this subdivision.
(b) The commissioner may at any time hire, at a United States
branch's expense, any independent experts that the commissioner
considers necessary to implement this chapter with respect to the
United States branch.

Legislative History

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