Indiana Code 27-7-3-12. Foreign corporations; capital and deposit requirements; certificate of authority; rights and privileges
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Terms Used In Indiana Code 27-7-3-12
- commissioner: shall mean the insurance commissioner. See Indiana Code 27-7-3-2
- 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.
- department: shall mean the department of insurance of the state of Indiana. See Indiana Code 27-7-3-2
- title insurance: means a contract of insurance against loss or damage on account of encumbrances upon or defects in the title to real estate. See Indiana Code 27-7-3-2
Sec. 12. Every foreign corporation duly authorized to do a title insurance business in the state in which it is incorporated or organized and admitted to do business in this state under IC 23-1 may be authorized by the department to transact a title insurance business in this state upon filing with the department proof which satisfies it that the corporation has complied with sections 5 and 9 of this chapter and has deposited with the proper official of the state in which it is incorporated or organized, or has deposited with the department, the amount as required by section 7 of this chapter, and that it has complied with the provisions of this chapter. Upon the receipt of such proof, the commissioner may issue to such foreign corporation a certificate of authority as provided for in section 6 of this chapter. A foreign corporation admitted to do business under this chapter shall have the same but no greater rights and privileges than a domestic corporation under this chapter.
Formerly: Acts 1937, c.104, s.12. As amended by P.L.252-1985, SEC.257.