§ 28-14-5-8 — Investment in casualty insurance company

Indiana § 28-14-5-8

• Jurisdiction: Indiana
• Art. 14: CORPORATE FIDUCIARIES
• Ch. 5: Investments of Corporate Fiduciaries

Text

(a) Notwithstanding any other provision of this
article, a corporate fiduciary may invest in a casualty insurance
company organized solely for the purpose of insuring:
(1) banks;
(2) corporate fiduciaries;
(3) trust companies; and
(4) bank holding companies and their officers and directors;
from and against liabilities, including those covered by bankers' blanket
bonds and director and officer liability insurance and other public
liability insurance.
(b) Investments made under subsection (a) must take the form of:
(1) the purchase for the corporate fiduciary's own account of:
(A) shares of stock of the casualty insurance company; or
(B) shares of stock of an association of banks organized for the
purpose of funding the casualty insurance company; or
(2) loans to an association of banks referred to in subdivision
(1)(B).
(c) The total investment of a corporate fiduciary under subsection
(a) may not exceed five percent (5%) of the capital and surplus of the
corporate fiduciary.

Legislative History

As added by P.L.262-1995, SEC.90.