Indiana Code 27-1-3-4. Business practices of insurance companies
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Sec. 4. Every insurance company to which this article is applicable:
(2) shall maintain such company in a safe and solvent condition; and
(1) shall conduct and transact its business in a safe and prudent manner;
Terms Used In Indiana Code 27-1-3-4
- 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
(3) shall establish and maintain safe and sound methods for the conduct of such insurance company and its business and prudential affairs.
Formerly: Acts 1935, c.162, s.11. As amended by P.L.252-1985, SEC.6.