Indiana Code 27-1-35-9. Threshold limit of premiums
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Terms Used In Indiana Code 27-1-35-9
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- controlled: has the meaning set forth in IC 27-1-23-1. See Indiana Code 27-1-35-4
- controlled insurer: means a licensed insurer that is controlled, directly or indirectly, by a producer. See Indiana Code 27-1-35-5
- controlling producer: means a producer that, directly or indirectly, controls an insurer. See Indiana Code 27-1-35-6
- insurer: means any person, firm, association, or corporation licensed to transact a property/casualty insurance business in Indiana. See Indiana Code 27-1-35-7
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 9. The provisions of sections 11 through 14 of this chapter apply if, in any calendar year, the aggregate amount of gross written premiums on business placed with a controlled insurer by a controlling producer is equal to or greater than five percent (5%) of the admitted assets of the controlled insurer, as reported in the controlled insurer’s quarterly statement filed as of September 30 of the prior year.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.