§ 27-4-8-1 — Capital requirements

Indiana § 27-4-8-1

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 4: UNFAIR COMPETITION; UNAUTHORIZED
• Ch. 8: Foreign Plate Glass Insurers

Text

Any person or persons, or any copartnership,
company, or corporation organized under the laws of any other state
than this state, or any foreign country, and engaged in the business of
insuring plate glass, shall be allowed and permitted to do and transact
such business in this state when such company is possessed of at least
one hundred thousand dollars ($100,000) of actual capital invested in
the stock or bonds of some one (1) or more of the states of this Union
or of the United States, or the bonds of some one (1) or more of the
counties, cities, or towns of this state at the current value thereof, and
when such company and its agents shall have fully complied with all
the provisions and requirements of the laws of this state regulating
foreign insurance companies, except so much thereof as requires a
capital of two hundred thousand dollars ($200,000); provided, that
companies engaged in insuring plate glass and having less than two
hundred thousand dollars ($200,000) capital invested as required in
this chapter shall not engage in or transact any other kind of business;
provided, that whenever it shall appear to the insurance commissioner
that any such company, having one hundred thousand dollars
($100,000) capital, shall have been, directly or indirectly, doing
business in this state prior to March 9, 1889, he shall not issue license
to such company, or authorize it to do business in this state, until it
shall have paid all taxes, fees, and penalties which should have been
chargeable to it had it, during such time, been authorized to do business
in this state, and not violated any of the laws governing foreign
insurance companies.
Formerly: Acts 1889, c.199, s.1. As amended by P.L.252-1985,
SEC.179.