§ 27-1-6-16 — Extension of charter powers and licenses; limitation of actions

Indiana § 27-1-6-16

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 6: Formation of Domestic Companies

Text

(a) The charter powers and licenses of any
domestic insurers authorized to market one or more kinds of insurance
or reinsurance under Class II or Class III and meeting the requirements
set out in section 14 or 15 of this chapter may be broadened and
extended hereunder to include the right, power and authority to make
any one or more of the kinds of insurance and reinsurance specified in
both Class II and Class III of IC 27-1-5-1.
(b) Any domestic company authorized to insure against loss or
damage by fire, which has been actively engaged in the fire insurance
business continuously for ten (10) years or more, or whose predecessor
or predecessors, if any prior to merger or consolidation, shall have been
so engaged for such period, may, if it complies with the provisions of
this subsection and without complying with the capitalization and
surplus requirements of section 14 or section 15 of this chapter, insure
against loss or damage to dwellings and appurtenant structures and to
the contents thereof and any other personal property of a similar nature
of the insured or of the members of his household, resulting from any
peril, and may, in connection with making such insurance, also make
insurance against the legal liability of the insured or of the members of
his household, and for any medical, surgical and hospital expenses of
any person other than the insured or such members, arising out of
nonbusiness pursuits of the insured or such members or out of the
condition of, or acts performed by the insured or such members on such
dwellings and appurtenant structures and the real estate on which each
is located. Where a company is entitled to make such additional
insurance solely by virtue of this subsection, it shall not make such
insurance unless it has made reinsurance arrangements satisfactory to
the commissioner whereby all of such additional insurance is reinsured
with a company which is qualified under IC 27-1 to make reinsurance
of such additional kind of insurance. The charter powers and licenses
of any domestic insurer meeting the requirements set out in this
subsection may be broadened and extended hereunder to include the
right, power and authority to make any one or more of the kinds of
insurance permitted by this subsection.
(c) No policy issued by a mutual company including a farm mutual
insurance company, shall be required to contain a provision limiting
the time within which suit against the insurer on such policy must be
filed.
Formerly: Acts 1935, c.162, s.75 1/2; Acts 1947, c.50, s.1; Acts
1957, c.265, s.2; Acts 1967, c.233, s.2. As amended by Acts 1977,
P.L.282, SEC.3; P.L.129-2003, SEC.2.