Ind. Code § 27-1-40-3
This is the official text of Ind. Code § 27-1-40-3, 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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Indiana as state of entry for alien company
Official statutory text
Sec. 3. Indiana may serve as a state of entry to enable an alien company to transact insurance business in the United States through a United States branch if the United States branch:
(1) qualifies under this title for a certificate of authority as if the United States branch were a domestic company organized under this title; and
(2) establishes a trust account that meets the following conditions:
(A) The trust account is established under a trust agreement approved by the commissioner with a United States bank.
(B) The amount in the trust account is at least equal to:
(i) the minimum capital and surplus requirements; or
(ii) the authorized control level risk based capital requirements;
whichever is greater, that apply to a domestic company that possesses a certificate of authority to transact the same kind of insurance business in Indiana as the United States branch will transact.
As added by P.L.173-2007, SEC.20.
(1) qualifies under this title for a certificate of authority as if the United States branch were a domestic company organized under this title; and
(2) establishes a trust account that meets the following conditions:
(A) The trust account is established under a trust agreement approved by the commissioner with a United States bank.
(B) The amount in the trust account is at least equal to:
(i) the minimum capital and surplus requirements; or
(ii) the authorized control level risk based capital requirements;
whichever is greater, that apply to a domestic company that possesses a certificate of authority to transact the same kind of insurance business in Indiana as the United States branch will transact.
As added by P.L.173-2007, SEC.20.
Status: in_force · Read it on the official government site
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