§ 27-2-18-14 — Reports of material nonrenewals, cancellations, or revisions on nonconsolidated basis; exceptions

Indiana § 27-2-18-14

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

Text

(a) An insurer must report all material
nonrenewals, cancellations, or revisions of ceded reinsurance
agreements on a nonconsolidated basis unless:
(1) the insurer is part of a consolidated group of insurers that uses
a:
(A) pooling arrangement; or
(B) one hundred percent (100%) reinsurance agreement;
that affects the solvency and integrity of the insurer's reserves;
and
(2) 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.