§ 27-7-1-9 — Foreign Lloyds association; certificate of authority; application; unearned premium reserve

The insurance commissioner may, in the
insurance commissioner's discretion, issue a certificate of authority to
a Lloyds domiciled in another state to do business in this state, for
permission to do which application is made as may be authorized by
the articles of association or copartnership agreement under which said
Lloyds is operated. However, in no event shall authority be given to
any such Lloyds to do any kind of insurance business other than those
specified in section 7 of this chapter. The application for such
certificate shall specify the kind of business such Lloyds desires the
authority to transact in this state. It must be signed by the attorney or
attorneys in fact for such Lloyds, and must file with the insurance
commissioner a certificate from the insurance department of its home
state that it has and maintains at all times an unearned premium reserve
as is required of stock companies of said state, and that the total
subscription of its subscribers shall not be less than two hundred fifty
thousand dollars ($250,000), and that at least twenty-five percent
(25%) thereof is paid in cash.
Formerly: Acts 1919, c.177, s.9. As amended by P.L.252-1985,
SEC.225; P.L.148-2017, SEC.14.