Indiana Code 27-7-10-26. Purchasing groups; notice of intent to do business; required information; agent for service of process; exemptions
(1) identify the state in which the group is domiciled;
Terms Used In Indiana Code 27-7-10-26
- commissioner: means :
Indiana Code 27-7-10-1
- domicile: means the following:
Indiana Code 27-7-10-3
- 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
- product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage (including damages resulting from the loss of use of property) arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product. See Indiana Code 27-7-10-9
- purchasing group: means any group that:
Indiana Code 27-7-10-10
- state: means any state of the United States or the District of Columbia. See Indiana Code 27-7-10-12
- 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
(3) specify the lines and classifications of liability insurance that the purchasing group intends to purchase;
(4) identify the insurance company or companies from which the group intends to purchase its insurance and the domicile of the company or companies;
(5) specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in Indiana;
(6) identify the principal place of business of the group; and
(7) provide such other information as may be required by the commissioner to verify that the purchasing group meets the definition of a purchasing group under section 10 of this chapter.
(b) A purchasing group shall, within ten (10) days, notify the commissioner of any changes in any of the facts set forth in the notice provided to the commissioner under this section.
(c) A purchasing group, before doing business in Indiana, shall register with and designate the commissioner as its agent solely for the purpose of receiving service of legal documents or process in Indiana (for which a filing fee shall be determined by the commissioner). However, this requirement does not apply in the case of a purchasing group that only purchases insurance that was authorized under the federal Product Liability Risk Retention Act of 1981 (15 U.S.C. § 3901 et seq.) and:
(1) that in any state of the United States:
(A) was domiciled before April 1, 1986; and
(B) is domiciled on and after October 27, 1986;
(2) that:
(A) before October 27, 1986, purchased insurance from an insurance carrier licensed in any state; and
(B) since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state; or
(3) that was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 (15 U.S.C. § 3901 et seq.) before October 27, 1986.
(d) Each purchasing group that is required to give notice under subsection (a) shall also furnish information required by the commissioner to:
(1) verify that the entity qualifies as a purchasing group;
(2) determine where the purchasing group is located; and
(3) determine appropriate tax treatment.
(e) Any purchasing group that was doing business in Indiana before April 1, 1988, shall, before May 1, 1988, furnish notice to the commissioner under subsection (a) and furnish information required under subsections (c) through (d).
As added by P.L.162-1988, SEC.2. Amended by P.L.124-2018, SEC.75.