Indiana Code 27-1-40-2. “United States branch”
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Sec. 2. As used in this chapter, “United States branch” means:
(2) the alien company’s assets and liabilities that are attributable to the insurance business transacted in the United States.
(1) an entity that is considered, for purposes of this chapter, to be a domestic company through which insurance business is transacted in the United States by an alien company; and
Terms Used In Indiana Code 27-1-40-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
As added by P.L.173-2007, SEC.20.