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Indiana Code Title 27. Insurance § 27-1-40-3

Current as of January 02, 2024 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-40-3 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-40-3/

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