Indiana Code 27-1-20-25. Organization of new companies on Lloyds or assessment plan prohibited; surplus requirement for reciprocal plan
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Sec. 25. (a) A domestic company that organized after March 7, 1935, may not operate:
(2) an insurance business as Lloyds.
(1) an insurance business on the assessment plan; or
Terms Used In Indiana Code 27-1-20-25
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) A domestic company may not operate an insurance business on the reciprocal plan as an interinsurer or individual underwriter unless it has a surplus over all policy liabilities of not less than two hundred fifty thousand dollars ($250,000).
Formerly: Acts 1935, c.162, s.272. As amended by Acts 1977, P.L.282, SEC.4.