Indiana Code 27-1-6-17. Examination of proposed companies; revocation and renewal of permit and insurance producer’s authority
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Indiana Code 27-1-6-17
- 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
- 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
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 17. The commissioner may, personally or through the commissioner’s deputies and assistants, examine into the affairs of any such proposed company and inspect its books and papers, and may summon and examine under oath any officer or insurance producer or any person who is or has been connected with such company, and if the commissioner finds the company is violating the law, or if the company shall not be qualified for a certificate of authority within one (1) year from date of its permit, the commissioner may revoke its permit; and if the commissioner finds an insurance producer of such company has violated the law, the commissioner may revoke the insurance producer’s authority, and the commissioner may for the insurance producer’s violation revoke the company’s permit. Any revocation shall be after notice and hearing. The commissioner may renew any company’s permit or agent’s authority which the commissioner has revoked.
Formerly: Acts 1935, c.162, s.76. As amended by P.L.178-2003, SEC.14.