Indiana § 27-8-1-4 Statement of initial applications and deposit of first assessment

Indiana Statutes

§ 27-8-1-4 — Statement of initial applications and deposit of first assessment

Indiana·Title 27 INSURANCE·Art. 8 LIFE, ACCIDENT, AND HEALTH·Ch. 1 Life Insurance─Assessment Plan

Before the charter is granted to such a
corporation, it shall file its statement, sworn to by at least two (2) of its
executive officers, with the proper state officers, showing that
application has been made for not less than two hundred thousand
dollars ($200,000) insurance by not less than one hundred (100)
persons, and that the amount of the first assessment on each policy or
certificate has been deposited in the bank to the credit of the mortuary
fund; and it shall be lawful for any corporation, association, or society,
or its agents, to solicit and secure business to that amount, for the
purpose provided in this chapter, before its charter shall have been
granted.
Formerly: Acts 1883, c.136, s.4. As amended by P.L.136-2018,
SEC.188.

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Before the charter is granted to such a
corporation, it shall file its statement, sworn to by at least two (2) of its
executive officers, with the proper state officers, showing that
application has been made for not less than two hundred thousand
dollars ($200,000) insurance by not less than one hundred (100)
persons, and that the amount of the first assessment on each policy or
certificate has been deposited in the bank to the credit of the mortuary
fund; and it shall be lawful for any corporation, association, or society,
or its agents, to solicit and secure business to that amount, for the
purpose provided in this chapter, before its charter shall have been
granted.
Formerly: Acts 1883, c.136, s.4. As amended by P.L.136-2018,
SEC.188.

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