§ 27-2-18-12 — Reports of material acquisitions and dispositions on nonconsolidated basis; exceptions

Indiana § 27-2-18-12

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 2: POWERS AND DUTIES OF INSURERS
• Ch. 18: Disclosure of Material Transactions

Text

(a) Insurers must report material acquisitions
and dispositions on a nonconsolidated basis unless the insurer is part
of a consolidated group of insurers that uses a pooling arrangement or
one hundred percent (100%) reinsurance agreement that affects the
solvency and integrity of the insurer's reserves and the insurer ceded
substantially all of its direct and assumed business to the pool.
(b) An insurer is considered to have ceded substantially all of its
direct and assumed business to a pool under subsection (a) if the
insurer has less than one million dollars ($1,000,000) total direct plus
assumed written premiums during a calendar year that are not subject
to a pooling arrangement and the net income of the business not subject
to the pooling arrangement represents less than five percent (5%) of the
insurer's capital and surplus.

Legislative History

As added by P.L.251-1995, SEC.17.