Ind. Code § 27-1-20-25
This is the official text of Ind. Code § 27-1-20-25, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Organization of new companies on Lloyds or assessment plan prohibited; surplus requirement for reciprocal plan
Official statutory text
Sec. 25. (a) A domestic company that organized after March 7, 1935, may not operate:
(1) an insurance business on the assessment plan; or
(2) an insurance business as Lloyds.
(b) A domestic company may not operate an insurance business on the reciprocal plan as an interinsurer or individual underwriter unless it has a surplus over all policy liabilities of not less than two hundred fifty thousand dollars ($250,000).
Formerly: Acts 1935, c.162, s.272. As amended by Acts 1977, P.L.282, SEC.4.
(1) an insurance business on the assessment plan; or
(2) an insurance business as Lloyds.
(b) A domestic company may not operate an insurance business on the reciprocal plan as an interinsurer or individual underwriter unless it has a surplus over all policy liabilities of not less than two hundred fifty thousand dollars ($250,000).
Formerly: Acts 1935, c.162, s.272. As amended by Acts 1977, P.L.282, SEC.4.
Status: in_force · Read it on the official government site
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