§ 27-7-10-26 — Purchasing groups; notice of intent to do business; required information; agent for service of process; exemptions

Indiana § 27-7-10-26

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

Text

(a) A purchasing group, before doing
business in Indiana, shall furnish notice to the commissioner. The
notice must:
(1) identify the state in which the group is domiciled;
(2) identify all other states in which the group intends to do
business;
(3) specify the lines and classifications of liability insurance that
the purchasing group intends to purchase;
(4) identify the insurance company or companies from which the
group intends to purchase its insurance and the domicile of the
company or companies;
(5) specify the method by which, and the person or persons, if
any, through whom insurance will be offered to its members
whose risks are resident or located in Indiana;
(6) identify the principal place of business of the group; and
(7) provide such other information as may be required by the
commissioner to verify that the purchasing group meets the
definition of a purchasing group under section 10 of this chapter.
(b) A purchasing group shall, within ten (10) days, notify the
commissioner of any changes in any of the facts set forth in the notice
provided to the commissioner under this section.
(c) A purchasing group, before doing business in Indiana, shall
register with and designate the commissioner as its agent solely for the
purpose of receiving service of legal documents or process in Indiana
(for which a filing fee shall be determined by the commissioner).
However, this requirement does not apply in the case of a purchasing
group that only purchases insurance that was authorized under the
federal Product Liability Risk Retention Act of 1981 (15 U.S.C. 3901
et seq.) and:
(1) that in any state of the United States:
(A) was domiciled before April 1, 1986; and
(B) is domiciled on and after October 27, 1986;
(2) that:
(A) before October 27, 1986, purchased insurance from an
insurance carrier licensed in any state; and
(B) since October 27, 1986, purchased its insurance from an
insurance carrier licensed in any state; or
(3) that was a purchasing group under the requirements of the
Product Liability Risk Retention Act of 1981 (15 U.S.C. 3901 et
seq.) before October 27, 1986.
(d) Each purchasing group that is required to give notice under
subsection (a) shall also furnish information required by the
commissioner to:
(1) verify that the entity qualifies as a purchasing group;
(2) determine where the purchasing group is located; and
(3) determine appropriate tax treatment.
(e) Any purchasing group that was doing business in Indiana before
April 1, 1988, shall, before May 1, 1988, furnish notice to the
commissioner under subsection (a) and furnish information required
under subsections (c) through (d).

Legislative History

As added by P.L.162-1988, SEC.2. Amended by P.L.124-2018, SEC.75.