Any corporation, association, or society
organized under the authority of another state or government to issue,
or which is engaged in the business of issuing, policies or certificates
of life or accident or life and accident insurance, and for the payment
of total and permanent disability claims to living members on the
assessment plan, as a condition precedent to transacting business in this
state, shall deposit with the insurance commissioner:
(1)a certified copy of its articles of incorporation or association;
(2)a certified copy of a vote or resolution of the board of directors
of said company consenting that service of process in any suit
against such company may be served upon an individual resident
of Indiana, a corporate resident of Indiana, or an authorized
Indiana insurer, app
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Any corporation, association, or society
organized under the authority of another state or government to issue,
or which is engaged in the business of issuing, policies or certificates
of life or accident or life and accident insurance, and for the payment
of total and permanent disability claims to living members on the
assessment plan, as a condition precedent to transacting business in this
state, shall deposit with the insurance commissioner:
(1) a certified copy of its articles of incorporation or association;
(2) a certified copy of a vote or resolution of the board of directors
of said company consenting that service of process in any suit
against such company may be served upon an individual resident
of Indiana, a corporate resident of Indiana, or an authorized
Indiana insurer, appointed by the company as the company's agent
for service of process, with like effect as if such company was
chartered, organized, or incorporated in the state of Indiana, and
agreeing that any process served upon such agent shall be of the
same legal force and validity as if served upon said company, and
agreeing that such service may be so made with such effect while
any liability remains outstanding against such company in this
state;
(3) a statement, under oath of its president and secretary, in the
form by the commissioner required, of its business for the
preceding year;
(4) a certificate, under oath of its president and secretary, that it
is paying, and for the twelve (12) months then next preceding, has
paid, the maximum amount named in its policies or certificates in
full;
(5) a certificate from the proper authority in its home state that
corporations, associations or societies of this state, engaged
according to the provisions of this chapter in life or accident, or
life and accident insurance, and for the payment of total and
permanent disability claims to living members upon the
assessment plan, are legally entitled to do business in such state;
(6) a copy of its policy or certificate, application, and bylaws,
which must show that the insured's liability to contribute to the
payments of benefits is not limited to the payment of a fixed
periodical sum; and
(7) evidence satisfactory to the commissioner that the corporation,
association, or society accumulates a fund equal in amount to that
required of similar corporations, associations, or societies of this
state and that such accumulation is permitted by the law of the
corporation, association, or society and is for the benefit of policy
or certificate-holders only, and is invested in securities authorized
under the law of its incorporation or association.
The insurance commissioner shall thereupon issue or renew the
authority of such corporation, association, or society to do business in
this state, and such authority shall be revoked whenever the
commissioner, on investigation, is satisfied that such corporation,
association, or society is not paying the maximum amount named in its
policies or certificates in full. Upon such revocation, the commissioner
shall cause notice thereof to be published in a newspaper of general
circulation, published in the city of Indianapolis, Indiana, and no new
business shall be thereafter done by its agents in this state. If any such
corporation, association, or society is authorized by the law under
which it is incorporated to issue contracts of insurance not
contemplated in this chapter, it shall nevertheless be permitted to
transact in this state the character of business authorized by this chapter
upon complying in all other respects with the requirements thereof and
filing with the commissioner an agreement duly executed by the proper
officers that such corporation, association, or society will not enter into
or issue within this state any contract of insurance, policy, or agreement
not authorized by this chapter. Upon a breach of such agreement by any
such corporation, association, or society, the commissioner shall
forthwith revoke and cancel its authority to transact business in this
state. When any other state or country shall impose any obligation upon
any such corporation, association, or society of this state, the like
obligation shall be imposed upon similar corporations, associations, or
societies and their agents of such state or country doing business in this
state. If the laws of such state where such corporation, association, or
society is organized will not admit corporations, associations, or
societies organized in this state, or doing business under this chapter,
to do business in such state, then such corporations, associations, or
societies shall not be admitted to do business in this state.
Formerly: Acts 1897, c.195, s.19. As amended by P.L.252-1985,
SEC.290; P.L.268-1999, SEC.19.