Indiana Code 27-7-10-19. Prohibited acts
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Sec. 19. The following acts by a risk retention group are prohibited:
(2) The solicitation or sale of insurance by, or operation of, a risk retention group that is in hazardous financial condition or financially impaired.
(1) The solicitation or sale of insurance by a risk retention group to any person who is not eligible for membership in the group.
Terms Used In Indiana Code 27-7-10-19
- hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able to:
Indiana Code 27-7-10-4
- 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
- risk retention group: includes a corporation or limited liability association described in subsection (a)(3)(B):
Indiana Code 27-7-10-11
As added by P.L.162-1988, SEC.2.