Indiana § 27-7-3-14 Annual financial statement; effect of certification by certified public
accountant

Indiana Statutes

§ 27-7-3-14 — Annual financial statement; effect of certification by certified public accountant

Indiana § 27-7-3-14

Title 27INSURANCE

Art. 7SPECIAL TYPES OF INSURANCE

Ch. 3Abstract and Title Insurance

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Bluebook

Ind. Code § 27-7-3-14 (2026).

Text

(a)Every such company doing business in this state shall file with the department on or before March 15 in each year a financial statement for the year ending December 31 immediately preceding on forms furnished by the department. Such statement shall include a showing that the sum of ten percent (10%) of all actual premiums received by such company, on account of such title insurance business, during the year ending on December 31 prior thereto, as required by section 9 of this chapter, has been duly set apart and is held by such company in said title insurance reserve fund or is held on deposit by the department as provided in section 9 of this chapter. Such statement shall be verified by the oaths of the president or a vice president and the secretary or an assistant secretary.

(b)If

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(a) Every such company doing business in this
state shall file with the department on or before March 15 in each year
a financial statement for the year ending December 31 immediately
preceding on forms furnished by the department. Such statement shall
include a showing that the sum of ten percent (10%) of all actual
premiums received by such company, on account of such title
insurance business, during the year ending on December 31 prior
thereto, as required by section 9 of this chapter, has been duly set apart
and is held by such company in said title insurance reserve fund or is
held on deposit by the department as provided in section 9 of this
chapter. Such statement shall be verified by the oaths of the president
or a vice president and the secretary or an assistant secretary.
(b) If the annual statement, as required by this section, shall be
certified to by a certified public accountant, then such statement shall
be prima facie evidence of the facts stated therein, and the department
may in its discretion accept such certified statements in lieu of an
examination under this chapter.
Formerly: Acts 1937, c.104, s.14. As amended by P.L.252-1985,
SEC.259.