§ 27-1-40-7 — Issuance and renewal of certificate of authority

Indiana § 27-1-40-7

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

Text

(a) Before issuing a new or renewal certificate
of authority to a United States branch, the commissioner may require
satisfactory proof:
(1) in the charter of the alien company transacting business
through the United States branch;
(2) by an agreement evidenced by a certified resolution of the
alien company's board of directors; or
(3) otherwise as required by the commissioner;
that the United States branch will not engage in any insurance business
not authorized by this chapter and by the alien company's charter.
(b) The commissioner shall issue a renewal certificate of authority
to a United States branch if the commissioner is satisfied that the
United States branch is not delinquent in any requirement of this title
and that the United States branch's continued insurance business in
Indiana is not contrary to the best interest of the citizens of Indiana.
(c) A United States branch may not be:
(1) granted a certificate of authority to transact any kind of
insurance business in Indiana that is not permitted to be
transacted in Indiana by a domestic company granted a certificate
of authority under this title; or
(2) authorized to transact an insurance business in Indiana if the
United States branch transacts, anywhere in the United States, any
kind of business other than an insurance business (and business
incidental to the kind of insurance business) that the United States
branch is authorized to transact in Indiana.
(d) A United States branch entering the United States through
Indiana or another state may not be authorized to transact an insurance
business in Indiana if the United States branch fails to substantially
comply with any requirement of this title that:
(1) applies to a similar domestic company that is organized after
July 1, 2007; and
(2) the commissioner determines is necessary to protect the
interest of the policyholders.
(e) Unless the commissioner determines that the kind of insurance
is not contrary to the best interest of the citizens of Indiana, a United
States branch may not transact any kind of insurance business that is
not permitted to be transacted in Indiana by a similar domestic
company that is organized after July 1, 2007.
(f) A United States branch may not be authorized to transact an
insurance business in Indiana unless the United States branch
maintains correct and complete records of the United States branch's
transactions that are:
(1) open to inspection by any person who has the right to inspect
the records; and
(2) maintained at the United States branch's principal office in
Indiana.

Legislative History

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