This text of Indiana § 27-7-1-1 (Participating underwriters; certificate of authority; application) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Except on a surplus lines basis under IC 27-1-15.8, no persons, partnerships or corporations shall engage in the
business of such insurance as is herein specified as "Lloyds" unless
twenty-five (25) or more persons, partnerships or corporations, a
majority of whom shall be bona fide residents of the state of Indiana
shall have a certificate of authority from the insurance commissioner
so to do. The application for such certificate of authority shall be
signed by the attorney or attorneys in fact of those persons desiring
such certificate, and must be accompanied by a declaration which must
set forth the following provisions:
1.The name under which the business is to be conducted, which
name shall contain the word "Lloyds," and shall not be similar to that
of any existing Lloyds associatio
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Except on a surplus lines basis under IC 27-1-15.8, no persons, partnerships or corporations shall engage in the
business of such insurance as is herein specified as "Lloyds" unless
twenty-five (25) or more persons, partnerships or corporations, a
majority of whom shall be bona fide residents of the state of Indiana
shall have a certificate of authority from the insurance commissioner
so to do. The application for such certificate of authority shall be
signed by the attorney or attorneys in fact of those persons desiring
such certificate, and must be accompanied by a declaration which must
set forth the following provisions:
1. The name under which the business is to be conducted, which
name shall contain the word "Lloyds," and shall not be similar to that
of any existing Lloyds association or corporation in this state, as, in the
opinion of the insurance commissioner, is calculated to deceive or
mislead.
2. The exact location of the principal office in which the business is
to be conducted, which office must be in the state of Indiana.
3. The kind of insurance intended to be written, which shall be only
as hereinafter stated.
4. An exact copy of the articles of association or copartnership
agreement, made by and between such underwriters.
5. Name, address and amount subscribed by each of the
underwriters so proposing to engage in said business.
6. The designation or appointment of one (1) or more attorneys in
fact, who shall have residence in Indiana, with full name and address,
upon any one of whom summons or consent legal process can be
served.
7. That amounts subscribed by said underwriters have been paid as
follows:
(A) Not less than twenty-five percent (25%) of said subscriptions
in cash.
(B) Not more than fifty percent (50%) of said subscription
secured by collateral note (payable on thirty (30) days demand)
duly approved by a committee selected by the subscribers to pass
thereon.
(C) Not more than twenty-five percent (25%) of said subscription
evidenced by subscriber's individual note.
8. That the total of said subscription shall not be less than two
hundred and fifty thousand dollars ($250,000), and that at least
twenty-five percent (25%) thereof has been paid in cash.
Formerly: Acts 1919, c.177, s.1. As amended by P.L.148-2017,
SEC.9.