Indiana Code 27-1-23-1.5. Dividend payments; notice; content
(1) not more than five (5) business days after the declaration of the dividend or distribution; and
Terms Used In Indiana Code 27-1-23-1.5
- Department: means the department of insurance created by IC 27-1-1-1. See Indiana Code 27-1-23-1
- domestic insurer: is a n insurer organized under the laws of this state. See Indiana Code 27-1-23-1
- insurance holding company system: consists of two (2) or more affiliated persons, one (1) or more of which is an insurer. See Indiana Code 27-1-23-1
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- Surplus: means the total of gross paid in and contributed surplus, special surplus funds, and unassigned surplus, less treasury stock at cost. See Indiana Code 27-1-23-1
(b) A notice provided by an insurer under subsection (a) must contain information indicating that the surplus of the insurer as regards policyholders will be:
(1) reasonable in relation to the outstanding liabilities of the insurer; and
(2) adequate to the financial needs of the insurer;
following the payment of the dividend.
(c) After receiving a notice from an insurer under this section, the department shall promptly consider the information set forth in the notice under subsection (b). In the department’s consideration of the information, the department shall apply the factors set forth in section 4(f) of this chapter.
As added by P.L.130-1994, SEC.29 and P.L.116-1994, SEC.39.