Indiana Code 27-7-10-14. Foreign risk retention groups seeking to do or doing business in Indiana; required information
(b) Before offering insurance in Indiana, a risk retention group shall submit to the commissioner the following:
Terms Used In Indiana Code 27-7-10-14
- commissioner: means :
Indiana Code 27-7-10-1
- insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk that is determined to be insurance under the laws of Indiana. See Indiana Code 27-7-10-5
- liability: means legal liability for damages (including costs of defense, legal costs and fees, and other claims expenses) because of injuries to other persons, damage to their property, or other damage or loss to other persons, resulting from or arising out of:
Indiana Code 27-7-10-6
- plan of operation or feasibility study: means an analysis that presents the expected activities and results of a risk retention group including, at a minimum, the following:
Indiana Code 27-7-10-8
- risk retention group: includes a corporation or limited liability association described in subsection (a)(3)(B):
Indiana Code 27-7-10-11
- state: means any state of the United States or the District of Columbia. See Indiana Code 27-7-10-12
(A) The state or states in which the risk retention group is chartered and licensed as a liability insurance company.
(B) The date on which the charter of the group was issued.
(C) The group’s principal place of business.
(D) Any other information (including information on the membership of the group) that the commissioner may require to verify that the group meets the definition of risk retention group in section 11 of this chapter.
(2) A copy of the plan of operations or feasibility study, and of any revisions of that plan or study, submitted by the risk retention group to the state in which the group is chartered and licensed.
(3) A copy of the group’s charter or license from its chartering state.
(4) A statement of registration (for which a filing fee shall be determined by the commissioner) that designates the commissioner as its agent for the purpose of receiving service of legal documents or process.
(c) A risk retention group that is chartered and licensed in a state other than Indiana and that is doing or seeks to do business in Indiana shall submit a copy of any revision of its plan of operation or feasibility study to the commissioner of this state at the same time that the revision is submitted to the commissioner of the group’s chartering state.
(d) A risk retention group that is chartered and licensed in a state other than Indiana and that is doing business in Indiana shall submit to the commissioner of this state the following:
(1) A copy of the group’s financial statement submitted to the state in which the risk retention group is chartered and licensed, which must be certified by an independent public accountant and must contain a statement of opinion on loss and loss adjustment expense reserves made by a member of the American Academy of Actuaries or by a qualified loss reserve specialist (under criteria established by the NAIC).
(2) A copy of each examination of the risk retention group as certified by the commissioner or public official conducting the examination.
(3) Upon request by the commissioner, a copy of any information or document pertaining to any outside audit performed with respect to the risk retention group.
(4) Such information as may be required to verify that the group continues to meet the definition of risk retention group in section 11 of this chapter.
As added by P.L.162-1988, SEC.2. Amended by P.L.124-2018, SEC.73.