§ 27-1-6-21 — Company domiciled in Indiana; requirements

(a) A company that is approved by the
department after June 30, 2000, to be domiciled in Indiana, must have
and maintain in Indiana the following:
(1) A physical presence that provides economic benefit to the
state.
(2) Complete records of the company's assets, transactions, and
affairs in accordance with methods and systems that are
customary or suitable to the kind or kinds of insurance transacted
by the company, including all records required under IC 27-1-7-16. Records may be maintained in a form that is physically
or electronically available to the department within Indiana.
(b) The commissioner shall determine whether the requirements of
subsection (a) are met. In making a determination under subsection
(a)(1), the commissioner shall compare and consider the following:
(1) The economic benefit to Indiana and Indiana communities
offered by the domestication of the company.
(2) The costs that may be incurred by the state in regulating the
company as a domestic company versus a foreign company.
(c) If a domestic company subject to this section fails to comply
with the provisions of subsection (a), the commissioner may:
(1) require the company to transfer its domicile under IC 27-1-6.5-2; or
(2) annually impose an additional administrative fee on the
company in an amount equal to the difference between the cost of
regulating the company as a domestic company and the cost of
regulating the company as a foreign company. The fee shall be
deposited in the department of insurance fund established by IC 27-1-3-28.
(d) In the case of a company that is part of an insurance holding
company system (as defined in IC 27-1-23-1) whose presence provides
an economic benefit to the state, the commissioner shall consider the
insurance holding company system and any domestic company in the
aggregate when making the determination required under subsection
(b).

Legislative History

As added by P.L.144-2000, SEC.1.