Sec. 12. (a) When, by the laws of any other state, any taxes, fines, penalties, licenses, fees, deposits of money or securities, or other obligations or prohibitions are imposed upon insurance companies of this or other states, or their agents, greater than are required by laws of this state, then the same obligations and prohibitions, of whatever kind, shall, in like manner for like purposes, be imposed upon all insurance companies of such states and their agents. All insurance companies of other nations, under this section, shall be held as of the state where they have elected to make their deposit and establish their principal agency in the United States.
(b) Whenever it shall be made to appear to the insurance commissioner that permission to transact business within any state of the United States, other than the state of Indiana, or within any foreign country, is refused to an insurance company organized under the laws of this state, after a certificate of the solvency and good management of such company has been issued to it by the insurance commissioner and after such company has complied with any reasonable laws of such other state or foreign country requiring deposits of money or securities with the government of such other state or foreign country, then and in every such case, the commissioner may forthwith cancel the authority of every insurance company organized under the laws of such other state or foreign country and licensed to do business in this state, and may refuse a certificate of authority to every such company thereafter applying to him for authority to do business in this state, until his certificate shall have been duly recognized by the government of such other state or foreign country.
Formerly: Acts 1935, c.162, s.259; Acts 1937, c.288, s.5.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 20. Additional Provisions Pertaining to All Insurance Companies
27-1-20-1. Insurance of Deposited Securities
27-1-20-3. Eligibility of Investments for Deposit; Existing Investments
27-1-20-4. Revaluation of Investments Omitting Interest or Dividends
27-1-20-5. Deposit of Securities Acquired From Foreign Life Insurer Under Reinsurance Agreement
27-1-20-7. Withdrawal From Deposit to Pledge for Loan; Effect; Redeposit
27-1-20-9. Substitution of Securities on Deposit; Withdrawal of Securities in Excess of Requirements
27-1-20-10. Disposition of Interest Earned by Securities on Deposit
27-1-20-11. Discontinuance of Business; Procedure for Return of Deposited Securities
27-1-20-12. Retaliatory Provisions
27-1-20-13. Fees of Secretary of State
27-1-20-14. Pension Plan for Officers and Employees
27-1-20-15. Automatic Revocation of Authority for Failure to Timely Complete Organization
27-1-20-19. Misrepresentation of Funds Available to Pay Losses or Policy Claims
27-1-20-20. Financial Statement; Requirements; Violations; Penalties
27-1-20-21. Annual Financial Statement; Microfilm Copies
27-1-20-21.2. Civil Penalty; Failure to Comply With Ic 27-1-20-21
27-1-20-21.3. Actuarial Opinions
27-1-20-22. Verification of Accounts and Reports
27-1-20-26. Exemption From Article of a Farm Mutual Insurance Company
27-1-20-27. Exemption of Domestic Mutual Fire Insurance Companies
27-1-20-29. Exemption of Abstract and Title Insurance Companies
27-1-20-30. Rebate of Premium or Commission; Unfair Competition
27-1-20-31. Restrictions on Interlocking Directorates
27-1-20-32. Effect of Captions
27-1-20-33. Annual Statement Blank, Additional Filings and Quarterly Statements; Filings With Naic
27-1-20-35. Insurer Response to Department Request
27-1-20-36. Health Insurer Withdrawal From Individual Market