Sec. 3. Nothing contained in this article shall authorize or be construed to authorize the dissolution of any life insurance company or health and accident insurance company having noncancellable policies in force, after the same shall have commenced business, unless and until all of its policies shall have been reinsured, to the satisfaction of the commissioner, in a solvent life insurance company or health and accident insurance company respectively.
Formerly: Acts 1935, c.162, s.133. As amended by P.L.252-1985, SEC.49.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 10. Voluntary Dissolution
27-1-10-1. Surrender of Certificate of Incorporation; Time; Procedure
27-1-10-2. Submission of Question of Dissolution; Vote of Shareholders, Members, or Policyholders
27-1-10-3. Reinsurance of Noncancellable Policies
27-1-10-5. Articles of Dissolution; Contents; Executions; Approval
27-1-10-6. Articles of Dissolution; Duties of Secretary of State