Indiana § 27-1-6-11 Articles of incorporation; filing certified copy with department; surety
bond; permit for completion of organization; procedure

Indiana Statutes

§ 27-1-6-11 — Articles of incorporation; filing certified copy with department; surety bond; permit for completion of organization; procedure

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 6 Formation of Domestic Companies

(a)When the articles of incorporation are returned to the incorporators or their representatives bearing the endorsement of the approval of the secretary of state, as provided in section 10 of this chapter, the incorporators or their representatives shall obtain a certified copy of the articles of incorporation from the secretary of state and file such certified copy with the department.

(b)The incorporators shall also file with the department a surety bond payable to the state of Indiana in the sum of ten thousand dollars ($10,000), with surety to be approved by the commissioner or collateral in the sum of ten thousand dollars ($10,000), as approved by the commissioner, and conditioned upon the faithful accounting to the department on completion of organization and receipt of its certif

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(a) When the articles of incorporation are
returned to the incorporators or their representatives bearing the
endorsement of the approval of the secretary of state, as provided in
section 10 of this chapter, the incorporators or their representatives
shall obtain a certified copy of the articles of incorporation from the
secretary of state and file such certified copy with the department.
(b) The incorporators shall also file with the department a surety
bond payable to the state of Indiana in the sum of ten thousand dollars
($10,000), with surety to be approved by the commissioner or collateral
in the sum of ten thousand dollars ($10,000), as approved by the
commissioner, and conditioned upon the faithful accounting to the
department on completion of organization and receipt of its certificate
of authority from the department, or to its shareholders, members,
applicants for policies and creditors, or the trustee, receiver, or assignee
of the proposed company duly appointed in any proceedings in any
court of competent jurisdiction in the state in accordance with their
respective rights in case the organization of the proposed company
should not be completed and a certificate of authority should not be
procured from the department.
(c) Whenever the incorporators have filed their certified copy of the
articles of incorporation and bond as provided in this section, then the
department may issue a permit for completion of organization. The
company shall have authority under such permit to solicit subscriptions
and payments for capital stock, if a stock company, and applications
and advance premiums for insurance, if a mutual company, and to
exercise such powers, subject to the limitations in this article
prescribed, as may be necessary and proper in completing its
organization and qualifying itself for a certificate of authority from the
department to make the kind or kinds of insurance proposed in its
articles of incorporation, provided that such company shall not issue
policies or enter into contracts of insurance until it shall have received
the certificate of the department authorizing it so to do.
Formerly: Acts 1935, c.162, s.71. As amended by P.L.252-1985,
SEC.21.

Indiana § 27-1-6-11 (Articles of incorporation; filing certified copy with department; surety bond; permit for completion of organization; procedure) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.