§ 27-7-10-14 — Foreign risk retention groups seeking to do or doing business in Indiana; required information

Indiana § 27-7-10-14

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 7: SPECIAL TYPES OF INSURANCE
• Ch. 10: Risk Retention Groups

Text

(a) A risk retention group that is chartered
and licensed in a state other than Indiana and that seeks to do business
in Indiana shall comply with this section and with sections 15 through
22 of this chapter.
(b) Before offering insurance in Indiana, a risk retention group shall
submit to the commissioner the following:
(1) A statement that sets forth the following:
(A) The state or states in which the risk retention group is
chartered and licensed as a liability insurance company.
(B) The date on which the charter of the group was issued.
(C) The group's principal place of business.
(D) Any other information (including information on the
membership of the group) that the commissioner may require
to verify that the group meets the definition of risk retention
group in section 11 of this chapter.
(2) A copy of the plan of operations or feasibility study, and of
any revisions of that plan or study, submitted by the risk retention
group to the state in which the group is chartered and licensed.
(3) A copy of the group's charter or license from its chartering
state.
(4) A statement of registration (for which a filing fee shall be
determined by the commissioner) that designates the
commissioner as its agent for the purpose of receiving service of
legal documents or process.
(c) A risk retention group that is chartered and licensed in a state
other than Indiana and that is doing or seeks to do business in Indiana
shall submit a copy of any revision of its plan of operation or feasibility
study to the commissioner of this state at the same time that the
revision is submitted to the commissioner of the group's chartering
state.
(d) A risk retention group that is chartered and licensed in a state
other than Indiana and that is doing business in Indiana shall submit to
the commissioner of this state the following:
(1) A copy of the group's financial statement submitted to the
state in which the risk retention group is chartered and licensed,
which must be certified by an independent public accountant and
must contain a statement of opinion on loss and loss adjustment
expense reserves made by a member of the American Academy
of Actuaries or by a qualified loss reserve specialist (under
criteria established by the NAIC).
(2) A copy of each examination of the risk retention group as
certified by the commissioner or public official conducting the
examination.
(3) Upon request by the commissioner, a copy of any information
or document pertaining to any outside audit performed with
respect to the risk retention group.
(4) Such information as may be required to verify that the group
continues to meet the definition of risk retention group in section
11 of this chapter.

Legislative History

As added by P.L.162-1988, SEC.2. Amended by P.L.124-2018, SEC.73.