§ 27-4-5-1 — Purpose; legislative declaration

The purpose of this chapter is to subject certain
insurers to the jurisdiction of the insurance commissioner and the
courts of this state in suits by or on behalf of the state. The general
assembly declares that it is concerned with the protection of residents
of this state against acts by insurers not authorized to do an insurance
business in this state, by the maintenance of fair and honest insurance
markets, by protecting authorized insurers which are subject to
regulation from unfair competition by unauthorized insurers, and by
protecting against the evasion of the insurance regulatory laws of this
state. In furtherance of such state interest, the general assembly
provides methods in this chapter for substituted service of process upon
such insurers in any proceeding, suit, or action in any court and
substituted service of any notice, order, pleading, or process upon such
insurers in any proceeding by the commissioner of insurance to enforce
or effect full compliance with this title. In so doing, the state exercises
its powers to protect residents of this state and to define what
constitutes transacting an insurance business in this state, and also
exercises powers and privileges available to this state by virtue of 15
U.S.C. 1011 through 1015, which declares that the business of
insurance and every person engaged in the business of insurance shall
be subject to the laws of the several states.
Formerly: Acts 1969, c.194, s.1. As amended by P.L.252-1985,
SEC.165; P.L.124-2018, SEC.65; P.L.136-2018, SEC.175.