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Indiana Code 27-1-2-2.3. Captive insurers

Current as of: 2023 | Check for updates | Other versions
   Sec. 2.3. (a) As used in this section, “captive insurer” means a foreign company or an alien company:

(1) that is supervised in the foreign or alien jurisdiction;

Terms Used In Indiana Code 27-1-2-2.3

  • 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
  • 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
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) that is owned by a person that conducts business in Indiana;

(3) whose exclusive purpose is to insure property and casualty risks of:

(A) the parent entity described in subdivision (2);

(B) affiliates of the parent entity; or

(C) a controlled unaffiliated business;

which may include reinsuring (through risk-sharing arrangements) property and casualty risks insured by other foreign companies or alien companies described in subdivision (1); and

(4) that:

(A) is owned or controlled by a state educational institution (as defined by IC 21-7-13-32); or

(B) has made an election under Section 831(b) of the Internal Revenue Code if that election is in effect.

     (b) As used in this section, “controlled unaffiliated business” means a business:

(1) that:

(A) is not an affiliate of; and

(B) has a contractual relationship with;

a parent entity described in subsection (a)(2) or an affiliate of the parent entity; and

(2) the risks of which are managed by a captive insurer.

     (c) Except as provided in this section, this article does not apply to a captive insurer.

     (d) A captive insurer that is doing business in Indiana:

(1) is not required to obtain a certificate of authority in Indiana under IC 27-1-6 for domestic formation or under IC 27-1-17 for foreign company admission;

(2) shall register with the commissioner; and

(3) shall, for each calendar year after 2012 in which the captive insurer is doing business in Indiana, pay into the treasury of this state a tax of two thousand five hundred dollars ($2,500).

     (e) A captive insurer that is required to pay the tax imposed for a calendar year under subsection (d)(3) shall pay the tax as follows:

(1) For a tax imposed under subsection (d)(3) for calendar year 2013, the captive insurer shall pay the tax before July 1, 2014.

(2) For a tax imposed under subsection (d)(3) for a calendar year after 2013, the captive insurer shall pay the tax before April 15 of the following calendar year.

     (f) The state and a political subdivision of the state shall not impose a license fee or privilege or other tax on a captive insurer, except the following:

(1) The tax described in subsection (d)(3).

(2) An applicable tax on real and tangible personal property of the captive insurer.

As added by P.L.129-2014, SEC.3. Amended by P.L.242-2015, SEC.42.

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Indiana Code 27-1-2.2-3. Filing of certification

Current as of: 2023 | Check for updates | Other versions
   Sec. 3. Before an organization may offer health benefit coverage under this chapter, the organization must file with the insurance commissioner a certification that:

(1) the organization qualifies as a nonprofit agricultural organization under section 1 of this chapter; and

Terms Used In Indiana Code 27-1-2.2-3

  • 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
  • nonprofit agricultural organization: means an organization:

    Indiana Code 27-1-2.2-1

  • nonprofit agricultural organization coverage: means health benefit coverage that is:

    Indiana Code 27-1-2.2-2

(2) the health benefit coverage that the organization will offer qualifies as nonprofit agricultural organization coverage under section 2 of this chapter.

As added by P.L.136-2020, SEC.1.

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