Indiana § 27-1-45.5-4 Domestic tax exempt reciprocal insurance company

Indiana Statutes

§ 27-1-45.5-4 — Domestic tax exempt reciprocal insurance company

Indiana § 27-1-45.5-4

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 45.5Indiana Public Employers' Plan

This text of Indiana § 27-1-45.5-4 (Domestic tax exempt reciprocal insurance company) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-45.5-4 (2026).

Text

(a)After:

(1)receiving a certificate of authority from the insurance commissioner to transact the business of insurance in Indiana as a domestic tax exempt reciprocal insurance company; and

(2)making any changes in structure and legal status necessary or beneficial to the conversion of IPEP from a domestic nonprofit corporation into a domestic tax exempt reciprocal insurance company; IPEP shall begin transacting the business of insurance as a domestic tax exempt reciprocal insurance company.

(b)All of the following apply on the date on which IPEP begins transacting the business of insurance as a domestic tax exempt reciprocal insurance company:

(1)All powers, duties, agreements, and liabilities that IPEP had as a domestic nonprofit corporation immediately before the date are transferr

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(a) After:
(1) receiving a certificate of authority from the insurance
commissioner to transact the business of insurance in Indiana as
a domestic tax exempt reciprocal insurance company; and
(2) making any changes in structure and legal status necessary or
beneficial to the conversion of IPEP from a domestic nonprofit
corporation into a domestic tax exempt reciprocal insurance
company;
IPEP shall begin transacting the business of insurance as a domestic tax
exempt reciprocal insurance company.
(b) All of the following apply on the date on which IPEP begins
transacting the business of insurance as a domestic tax exempt
reciprocal insurance company:
(1) All powers, duties, agreements, and liabilities that IPEP had
as a domestic nonprofit corporation immediately before the date
are transferred to the domestic tax exempt reciprocal insurance
company as the successor entity.
(2) All records and property that IPEP had as a domestic nonprofit
corporation immediately before the date, including all funds
under the control or supervision of IPEP, are transferred to the
domestic tax exempt reciprocal insurance company as the
successor entity.
(3) Any amounts owed to IPEP immediately before the date are
considered to be owed to the domestic tax exempt reciprocal
insurance company as the successor entity.
(4) A reference to IPEP in a statute, rule, or other document is
considered a reference to the domestic insurance company as the
successor entity.
(5) All powers, duties, agreements, and liabilities of IPEP
immediately before the date with respect to bonds issued by IPEP
in connection with any trust agreement or indenture securing the
bonds are transferred to the domestic tax exempt reciprocal
insurance company as the successor entity. The rights of the
trustee under any trust agreement or indenture and the rights of
the bondholders of IPEP remain unchanged despite the transfer of
the powers, duties, agreements, and liabilities of IPEP to the
domestic tax exempt reciprocal insurance company as the
successor entity.