A company, including a foreign or alien
company authorized to transact business in Indiana, may make all or
any one (1) or more of the kinds of insurance and reinsurance
comprised in any one (1) of the following classes, subject to the
provisions of IC 27-1. However, insurance on the assessment plan is
limited to the making of insurance on the lives of persons and against
disability from disease, bodily injury or death by accident.
CLASS 1. INSURANCE APPERTAINING TO PERSONS ONLY:
(a) To insure the lives of persons, including insurance against
permanent mental or physical disability resulting from accident or
disease, or against accidental death combined with a policy for life
insurance, and to grant, purchase or dispose of annuities;
(b) To insure against bodily injury or death by accident and against
disablement resulting from sickness and every insurance appertaining
thereto, including contracts between an insurer and policyholder
providing for the indemnification of the policyholder (or the other
party) obligated to pay benefits resulting from bodily injury, death by
accident, or disablement from sickness in accordance with the
provisions of a benefit plan; however, for purposes of Class 2(1) of this
section, this provision does not apply;
(c) Within the meaning of "Insurance Appertaining to Persons
Only," generally described in Class 1 of this section, are to be included,
among other things:
(1) contracts providing for immediate or future life insurance
and/or annuity benefits, fundable and/or computable as to cost or
payment or both; and
(2) contracts providing for insurance against bodily injury or
sickness, a portion of which may be funded;
out of or on the basis of assets in a segregated investment account; the
assets being those received by the company from or in relation to
contributions, premiums or considerations received by it under such
contracts. The establishment of such account shall in no way affect the
company's absolute ownership of the investment items to which the
account from time to time pertains. A company issuing contracts of the
nature described may as to them establish one (1) or more segregated
accounts, dependent upon the company's plan of operation.
A segregated investment account established as contemplated in this
paragraph (c) shall not be chargeable with liabilities arising out of any
other business the company may conduct and which has no specific
relation to or dependence upon such account. Any surplus or deficit
which may arise in any such segregated investment account by virtue
of any guarantee by the company of the value of the assets allocated to
the account, their investment or income, or mortality experience shall
be adjusted by withdrawals from or additions to such account so that
the assets of such account shall always equal the assets required to
satisfy all liabilities arising under contracts fundable by such account.
CLASS 2.
(a) To insure any persons against bodily injury, disablement or death
resulting from accident and against disablement resulting from disease
and every insurance appertaining thereto;
(b) To insure against loss or damage resulting from accident to, or
injury sustained by, an employee or other person for which accident or
injury the insured is liable;
(c) To insure against loss or damage by burglary, theft or
housebreaking;
(d) To insure glass, its fittings or lettering thereon, against breakage
or damage;
(e) To insure against loss from injury to persons or property which
results accidentally from steam-boilers, elevators, electrical devices,
engines and all machinery and appliances used in connection therewith
or operated thereby; and to make inspection of and issue certificates of
inspection upon such boilers, elevators, electrical devices, engines,
machinery and appliances;
(f) To insure against any loss, expense and/or liability resulting from
the ownership, maintenance, use and/or operation of any automobile or
other motor vehicle, including complete line coverage on automobiles
or other motor vehicles;
(g) To insure against loss or damage by water to any goods or
premises arising from the breakage or leakage of sprinklers and/or
water-pipes;
(h) To insure against any loss or damage resulting from accident to
or injury suffered by any person, for which loss or damage the insured
is liable; excepting employer's liability insurance as authorized under
subsection (b) of Class 2 of this section;
(i) To insure persons, associations or corporations against loss or
damage by reason of the giving or extending of credit;
(j) To insure against loss or damage on account of encumbrances
upon or defects in the title to real estate and against loss by reason of
the nonpayment of the principal or interest of bonds, mortgages or
other evidences of indebtedness;
(k) To become surety or guarantor for any person, partnership or
corporation in any position or place of trust or as custodian of money
or property, public or private; to become a surety or guarantor for the
performances by any person, copartnership or corporation of any lawful
obligation, undertaking, agreement or contract of any kind, except
contracts or policies of insurance, to become surety or guarantor for the
performance of insurance contracts where surety bonds are required by
states or municipalities. The business covered by this subsection (k)
shall be considered as fidelity and surety obligations and construed as
such regardless of any other classification contained in this chapter to
the contrary;
(l) To insure against any other casualty or insurance risk specified
in the articles of incorporation which lawfully may be made the subject
of insurance and for which specific provision is not made in this
chapter.
(m) To insure against legal expenses, such as attorneys fees, court
costs, witness fees and incidental expenses incurred in connection with
the use of the professional services of attorneys at law, in consideration
of a specified payment for an interval of time, regardless of whether
payment is made by the beneficiaries individually or by a third person
for them, so that the total cost incurred by assuming the obligation is
spread directly or indirectly among the group, except those expenses
resulting from the following:
(1) Retainer contracts made with a single client with the fee based
on an estimate of the nature and the amount of services that will
be provided to that client, and similar contracts made with a group
of clients involved in the same or closely related legal matters
(such as class actions).
(2) Plans providing no benefits other than a limited amount of
consultation and advice on simple matters either alone or in
combination with referral services or the promise of fee discounts
for other matters.
(3) Plans providing limited benefits on simple legal matters on a
voluntary and informal basis, not involving a legally binding
promise, in the context of an employment or educational or
similar relationship.
(4) Legal services provided by unions or employee associations
to its members in matters solely relating to employment or
occupation, and provided, further, that nothing in this chapter
shall prohibit group legal services of any other kind.
(5) Payment of fines, penalties, judgments or assessments.
CLASS 3.
(a) To make insurance on buildings and personal property of every
description against loss or damage, including loss of use or occupancy,
caused by fire, smoke or smudge, lightning or other electrical
disturbance, earthquake, windstorm, cyclone, tornado, tempest, hail,
frost or snow, ice, sleet, weather or climatic conditions, including
excess or deficiency of moisture, flood, rain or drought, rising of the
waters of the ocean, or its tributaries, bombardment, invasion,
insurrection, riot, civil war or commotion, military or usurped power,
and by explosion, whether fire ensues or not, except explosion of
steam-boilers;
(b) To insure against loss or damage from any cause, to crops or
farm products and loss of rental value of land used in producing such
crops or products;
(c) To insure against loss or damage by water or other fluid to any
goods or premises arising from the breakage or leakage of sprinklers,
pumps, or other apparatus erected for extinguishing fires or of other
conduits or containers or by water entering through leaks or openings
in buildings and/or water-pipes, and against accidental injury to such
sprinklers, pumps, or other apparatus, conduits, containers or
water-pipes;
(d) To insure vessels, boats, cargoes, goods, merchandise, freight,
specie, bullion, jewels, profits, commissions, bank notes, bills of
exchange, other evidences of debt, bottomry and respondentia interests,
and other property against loss or damage by any or all of the risks of
lake, river, canal and inland navigation and transportation, and other
insurances appertaining to or connected with marine risks, including
complete line coverage automobile insurance, and also insurance on
any other property or risk, or the use thereof, by reason of any
contingency unless the granting of such insurance is contrary to public
policy. However, such companies may not grant or make insurance
against:
(1) losses arising from explosion of steam boilers;
(2) losses arising from breakage of plate or other glass, except
when caused by fire, wind, or hail storm, and except when the loss
occurs to glass which is a part of any dwelling house;
(3) risks of the classes commonly known as fidelity insurance and
surety bonds;
(4) risks of the classes commonly known as burglary or theft
insurance, except as above specifically permitted, and except for
the risks to any dwelling house; and
(5) the risk of legal liability by reason of bodily injury to the
person except as such liability may result from the ownership,
maintenance, use or operation of an automobile.
Formerly: Acts 1935, c.162, s.59; Acts 1957, c.265, s.1; Acts
1959, c.87, s.1; Acts 1961, c.138, s.2. As amended by Acts 1978,
P.L.129, SEC.1; Acts 1982, P.L.160, SEC.1; P.L.260-1983,
SEC.5.