Indiana § 27-7-3-16 Retirement or withdrawal from business; reinsurance; cancellation of
certificate of authority; return of deposit

Indiana Statutes

§ 27-7-3-16 — Retirement or withdrawal from business; reinsurance; cancellation of certificate of authority; return of deposit

Indiana·Title 27 INSURANCE·Art. 7 SPECIAL TYPES OF INSURANCE·Ch. 3 Abstract and Title Insurance

(a)Whenever any domestic company desires to retire from the business provided for in this chapter, it shall furnish to the department satisfactory evidence that it no longer has outstanding any liability upon any policy of insurance made by it in the conduct of its business as a title insurance company, or that it has reinsured its outstanding policies with a solvent company, authorized to do business under this chapter in this state, or with a company approved by the department. At the same time the company shall surrender to the department its certificate of authority. If the department is satisfied that there is no outstanding liability upon any policy issued by such company, or, that its outstanding policies have been properly reinsured, then the department shall cancel the surrendere

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(a) Whenever any domestic company desires
to retire from the business provided for in this chapter, it shall furnish
to the department satisfactory evidence that it no longer has
outstanding any liability upon any policy of insurance made by it in the
conduct of its business as a title insurance company, or that it has
reinsured its outstanding policies with a solvent company, authorized
to do business under this chapter in this state, or with a company
approved by the department. At the same time the company shall
surrender to the department its certificate of authority. If the
department is satisfied that there is no outstanding liability upon any
policy issued by such company, or, that its outstanding policies have
been properly reinsured, then the department shall cancel the
surrendered certificate of authority and shall return to the company any
and all deposits made by such company under the provisions of this
chapter.
(b) Whenever any foreign company desires to withdraw from doing
a title insurance business in this state, it shall furnish to the department
satisfactory evidence that it no longer has outstanding any liability
upon any policy of title insurance made by it in the conduct of its
business in this state, or that it has reinsured its outstanding policies
with a solvent company, authorized to do business in this state, or with
a company approved by the department. At the same time such
company shall surrender to the department its certificate of authority.
If the department is satisfied that there is no outstanding liability upon
any policy issued by such company in the conduct of its business in this
state, or that its outstanding policies have been properly reinsured, then
the department shall cancel the surrendered certificate of authority and
shall return to the company any and all deposits made with it by such
company under the provisions of this chapter.
Formerly: Acts 1937, c.104, s.16. As amended by P.L.252-1985,
SEC.260.

Indiana § 27-7-3-16 (Retirement or withdrawal from business; reinsurance; cancellation of certificate of authority; return of deposit) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.