Sec. 4. (a) After:

(1) receiving a certificate of authority from the insurance commissioner to transact the business of insurance in Indiana as a domestic tax exempt reciprocal insurance company; and

Terms Used In Indiana Code 27-1-45.5-4

  • certificate of authority: means an instrument in writing issued by the department to an insurer, which sets out the authority of such insurer to engage in the business of insurance or activities connected therewith. See Indiana Code 27-1-2-3
  • Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • corporation: means an insurance company and includes all persons, partnerships, corporations, associations, orders or societies engaged in or proposing to engage in making any kind of insurance authorized by the laws of this state. See Indiana Code 27-1-2-3
  • 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
  • IPEP: refers to the Indiana Public Employers' Plan, Inc. See Indiana Code 27-1-45.5-1
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.
(2) making any changes in structure and legal status necessary or beneficial to the conversion of IPEP from a domestic nonprofit corporation into a domestic tax exempt reciprocal insurance company;

IPEP shall begin transacting the business of insurance as a domestic tax exempt reciprocal insurance company.

     (b) All of the following apply on the date on which IPEP begins transacting the business of insurance as a domestic tax exempt reciprocal insurance company:

(1) All powers, duties, agreements, and liabilities that IPEP had as a domestic nonprofit corporation immediately before the date are transferred to the domestic tax exempt reciprocal insurance company as the successor entity.

(2) All records and property that IPEP had as a domestic nonprofit corporation immediately before the date, including all funds under the control or supervision of IPEP, are transferred to the domestic tax exempt reciprocal insurance company as the successor entity.

(3) Any amounts owed to IPEP immediately before the date are considered to be owed to the domestic tax exempt reciprocal insurance company as the successor entity.

(4) A reference to IPEP in a statute, rule, or other document is considered a reference to the domestic insurance company as the successor entity.

(5) All powers, duties, agreements, and liabilities of IPEP immediately before the date with respect to bonds issued by IPEP in connection with any trust agreement or indenture securing the bonds are transferred to the domestic tax exempt reciprocal insurance company as the successor entity. The rights of the trustee under any trust agreement or indenture and the rights of the bondholders of IPEP remain unchanged despite the transfer of the powers, duties, agreements, and liabilities of IPEP to the domestic tax exempt reciprocal insurance company as the successor entity.

As added by P.L.117-2021, SEC.4.