Indiana Code 27-1-12.1-8. Certificate of authority; conditions; production and disclosures to commissioner
(1) That the proposed plan of operation provides for a viable operation of the limited purpose subsidiary.
Terms Used In Indiana Code 27-1-12.1-8
- certificate of authority: means an instrument in writing issued by the department to an insurer, which sets out the authority of such insurer to engage in the business of insurance or activities connected therewith. See Indiana Code 27-1-2-3
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- limited purpose subsidiary: means a subsidiary life insurance company that is organized under this chapter. See Indiana Code 27-1-12.1-2
(3) That the proposed plan of operation is not hazardous to any ceding insurer.
(b) The commissioner may, in conjunction with the issuance of a certificate of authority to a limited purpose subsidiary, issue an order containing any terms or conditions applying to the limited purpose subsidiary’s authority to engage in the business of reinsurance, including terms or conditions concerning the organization, licensing, or operation of the limited purpose subsidiary, consistent with this chapter and determined necessary by the commissioner.
(c) A limited purpose subsidiary shall produce or disclose its plan of operation, amendments, and records, books, documents, reports, and other information that the commissioner requires the limited purpose subsidiary to produce or disclose under:
(1) this chapter;
(2) rules adopted under section 15 of this chapter; or
(3) an order under IC 27-1-3.1.
(d) The commissioner has the powers enumerated in IC 27-1-3.1 with respect to a limited purpose subsidiary.
As added by P.L.11-2011, SEC.7.