§ 27-8-3-10 — Accident insurance business on assessment plan

Any corporation, association, or society
organized to insure against the contingency of death or physical
disability of the assured thereunder resulting from accidental injuries,
and which provides for the payment of policy claims, the accumulation
of reserve or emergency funds and the expenses of the management
and prosecution of the business, by payments to be made, either at
periods named in the contract or upon assessments as required by
persons holding similar contracts, and where the assured's liability to
contribute to the payment of benefits accrued or to accrue is not limited
to a fixed sum, shall be deemed to be engaged in the business of
accident insurance upon the assessment plan, and the business
involving the issuance of such contracts shall be carried on in this state
only by duly organized and authorized corporations, associations, or
societies, which shall be subject only to the provisions and
requirements of this chapter.
Formerly: Acts 1897, c.195, s.10. As amended by P.L.252-1985,
SEC.282.