§ 27-1-9-13 — Transfer of deposit covering policies assumed by foreign corporation to foreign state

Indiana § 27-1-9-13

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 9: Merger, Consolidation, and Reinsurance

Text

If the state in which a foreign, new, surviving
or accepting company, is incorporated or organized, shall require the
maintenance with any official of such state of a deposit of the legal
reserve on the policies so assumed and such foreign company shall
maintain such deposit, then the commissioner is authorized to deliver
to the proper custodian of such funds in the state in which the said
foreign company is incorporated or organized, such deposits as he may
hold pertaining to the policies so assumed by the new, surviving or
accepting company. If a surviving, new or accepting domestic company
assumes all or a substantial number of the risks of a foreign company
incorporated in a state which requires the maintenance with a state
official of a deposit of the legal reserve on policies so assumed, then
the commissioner is hereby authorized to receive from such official
such deposits as he may hold pertaining to the policies so assumed.
Such surviving, new or accepting company shall, within sixty (60) days
after the transfer of such deposit, notify the holder of every policy
secured by such transferred deposit that the transfer has been made;
and the president and secretary of such company shall, within thirty
(30) days thereafter, file with the commissioner an affidavit of the fact
that due notification to policyholders, as provided for herein, has been
given. The amount of deposit to be maintained from time to time for
each policy on which liability is assumed shall be at least equal to the
amount which would be required in the state where such deposit has
theretofore been maintained.
Formerly: Acts 1935, c.162, s.128.