Indiana Code 27-1-3-24. Declaration of dividend other than from earned surplus; approval
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Sec. 24. (a) As used in this section, “earned surplus” means an amount equal to the unassigned funds of an insurer as set forth in the most recent annual statement of the insurer that is submitted to the commissioner, excluding surplus arising from unrealized capital gains or revaluation of assets.
(1) declare; or
(b) A domestic insurer may not:
Terms Used In Indiana Code 27-1-3-24
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- capital: means the aggregate amount paid in on the shares of capital stock of a corporation issued and outstanding. 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
(2) pay;
a dividend from any source of money other than earned surplus unless the commissioner approves the payment of the dividend before the dividend is paid.
As added by P.L.130-1994, SEC.3 and P.L.116-1994, SEC.7.