Indiana Code 27-1-15.8-1. Definitions; application
(b) As used in this chapter, “affiliate” means, with respect to an insured, an entity that controls, is controlled by, or is under common control with the insured.
Terms Used In Indiana Code 27-1-15.8-1
- affiliated group: means a group of affiliates. See Indiana Code 27-1-15.8-1
- Contract: A legal written agreement that becomes binding when signed.
- control: means :
Indiana Code 27-1-15.8-1
- home state: means the following:
Indiana Code 27-1-15.8-1
- 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
- member: means one who holds a contract of insurance or is insured in an insurance company other than a stock corporation. See Indiana Code 27-1-2-3
- nonadmitted insurance policy or contract: means an insurance policy or contract that is issued by an insurer that is not authorized to transact the business of insurance under the law of the home state. See Indiana Code 27-1-15.8-1
- premium: means money or any other thing of value paid or given in consideration to an insurer, insurance producer, or solicitor on account of or in connection with a contract of insurance and shall include as a part but not in limitation of the above, policy fees, admission fees, membership fees and regular or special assessments and payments made on account of annuities. See Indiana Code 27-1-2-3
- principal place of business: means , with respect to determining the home state of an insured, the state where the:
Indiana Code 27-1-15.8-1
(d) As used in this chapter, “control” means:
(1) ownership or power to vote at least twenty-five percent (25%) of any class of voting securities; or
(2) power to determine the election of a majority of the directors or trustees;
of an entity.
(e) As used in this chapter, “home state” means the following:
(1) With respect to an insured:
(A) the state in which the insured maintains:
(i) the insured’s principal place of business; or
(ii) if the insured is an individual, the insured’s principal residence; or
(B) if one hundred percent (100%) of the insured risk is located outside the state described in clause (A), the state to which the greatest percentage of the insured’s taxable premium for the insurance contract is allocated.
(2) With respect to an affiliated group, if more than one (1) insured from the affiliated group is a named insured on a single nonadmitted insurance policy or contract, the home state determined under subdivision (1) of the member of the affiliated group that has the largest percentage of premium attributed to the member under the nonadmitted insurance policy or contract.
(f) As used in this chapter, “nonadmitted insurance policy or contract” means an insurance policy or contract that is issued by an insurer that is not authorized to transact the business of insurance under the law of the home state.
(g) As used in this chapter, “principal place of business” means, with respect to determining the home state of an insured, the state where the:
(1) insured maintains the insured’s headquarters; and
(2) insured’s officers direct, control, and coordinate the business activities of the insured.
As added by P.L.132-2001, SEC.5. Amended by P.L.208-2018, SEC.6.