Indiana § 27-8-3-27 Legal reserves; compulsory deposits; filing of forms; exceptions

Indiana Statutes

§ 27-8-3-27 — Legal reserves; compulsory deposits; filing of forms; exceptions

Indiana § 27-8-3-27

Title 27INSURANCE

Art. 8LIFE, ACCIDENT, AND HEALTH

Ch. 3Mutual Life and Accident─Formation

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Bluebook

Ind. Code § 27-8-3-27 (2026).

Text

(a)Notwithstanding any of the provisions of sections 1 through 26 of this chapter, every corporation or association organized and operating under the provisions of this chapter shall on or before July 1, 1970, comply with the provisions of IC 27-1 relative to the maintenance of legal reserves required on all life insurance and health and accident insurance policies issued in this state, and relative to compulsory deposit of assets by life insurance companies, and relative to filing of forms, with particular reference to but not limited to IC 27-1-12-11 through IC 27-1-12-13, IC 27-1-12.8, IC 27-1-13-8, and IC 27-1-20-1 through IC 27-1-20-11.

(b)Provided, that this section shall not apply to any corporation or association that has prior to July 1, 1970, reorganized and accepted the provis

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(a) Notwithstanding any of the provisions of
sections 1 through 26 of this chapter, every corporation or association
organized and operating under the provisions of this chapter shall on
or before July 1, 1970, comply with the provisions of IC 27-1 relative
to the maintenance of legal reserves required on all life insurance and
health and accident insurance policies issued in this state, and relative
to compulsory deposit of assets by life insurance companies, and
relative to filing of forms, with particular reference to but not limited
to IC 27-1-12-11 through IC 27-1-12-13, IC 27-1-12.8, IC 27-1-13-8,
and IC 27-1-20-1 through IC 27-1-20-11.
(b) Provided, that this section shall not apply to any corporation or
association that has prior to July 1, 1970, reorganized and accepted the
provisions of IC 27-1, as provided in IC 27-1-11. Nor shall this section
apply to any insurance policies issued or sold prior to July 1, 1970, or
prior to any such reorganization under IC 27-1, whichever occurs
earlier.
(c) Provided, further, that with respect to insurance policies issued
by any corporation or association on a pure assessment basis, no
premiums having been collected in advance, which corporation or
association is incorporated and operating under this chapter as of
August 18, 1969, and which has had in force between August 18, 1964,
and August 18, 1969, insurance policies covering not less than fifteen
thousand (15,000) members, such company or association shall
maintain, beginning January 1, 1971, a legal reserve on its life
assessment business on the basis of monthly renewable term insurance,
and said monthly unearned premium reserve shall be calculated at one
dollar and thirty cents ($1.30) per member.
(d) Such legal reserve shall be deposited with the insurance
department under compulsory deposit provisions referred to in
subsection (a).
Formerly: Acts 1897, c.195, s.26a; Acts 1969, c.236, s.1. As
amended by P.L.252-1985, SEC.294; P.L.276-2013, SEC.29.