§ 27-7-10-15 — Premium taxes and taxes on premiums; liability; report of premiums; policy records

(a) A risk retention group is liable for the
payment of premium taxes and taxes on premiums of direct business
for risks resident or located within Indiana, and shall report to the
commissioner of this state the net premiums written for risks resident
or located within Indiana. A risk retention group that is chartered and
licensed in a state other than Indiana is subject to taxation, and any
applicable fines and penalties related thereto, on the same basis as a
foreign admitted insurer.
(b) A licensed insurance producer who is utilized under section 30
of this chapter in soliciting, negotiating, or procuring liability insurance
from a risk retention group that is chartered and licensed in a state
other than Indiana shall report to the commissioner the premiums for
direct business for risks resident or located within Indiana that the
insurance producer has placed with or on behalf of a risk retention
group that is not chartered in Indiana.
(c) A licensed insurance producer who is utilized under section 30
of this chapter in soliciting, negotiating, or procuring liability insurance
from a risk retention group that is chartered and licensed in a state
other than Indiana shall keep a complete and separate record of all
policies procured from each such risk retention group. The record kept
under this subsection must be open to examination by the
commissioner and must, for each policy and each kind of insurance
provided, include the following information:
(1) The limit of liability.
(2) The time period covered.
(3) The effective date.
(4) The name of the risk retention group that issued the policy.
(5) The gross premium charged.
(6) The amount of return premiums, if any.

Legislative History

As added by P.L.162-1988, SEC.2. Amended by P.L.178-2003, SEC.49.