Sec. 20. Except as otherwise provided in this section, every advertisement or public announcement and every sign, circular or card issued or displayed by any domestic, foreign or alien company doing business in this state, purporting to make known its financial condition, shall state the amount of its paid-up capital, the assets owned, its liabilities, including therein the premium and loss reserves required by law, and the amount of net surplus of admitted assets over all its liabilities actually available for the payment of its losses and claims and held for the protection of its policyholders and shall correspond to the next preceding verified statement made to the department by such company. The foregoing shall not apply to a statement showing only the capital stock paid up and the surplus separately and combined, but such items shall not be in excess of the corresponding items shown on the verified statements made by such company to the department next preceding the making or issuing of the same. Every advertisement or public announcement and every sign, circular or card issued or displayed by an alien company doing business in this state, purporting to make known its financial condition, shall segregate and state separately the capital and assets held by its United States branch, the liabilities, including therein the premium and loss reserves required by law, and the amount of net surplus of assets over all its liabilities actually available for the payment of its losses and claims and held for the protection of its policyholders in the United States and shall correspond to the next preceding verified annual statement made by such company to the commissioner.
Despite any other provision of the laws of this state an insurer may, subject to requirements set forth by regulation promulgated by the Commissioner, publish financial statements or information based on financial statements prepared on a basis which is in accordance with requirements of a competent authority and which differs from the basis of the statements which have been filed with the Insurance Commissioner. Such differing financial statements or information based on financial statements shall not be made the basis for the application of provisions of any laws of this state not relating solely to the publication of financial information unless such provisions specifically so require.
For every willful violation of this section and section 19 of this chapter by any such company or by an agent thereof the company shall forfeit for the first offense to the state of Indiana the sum of five hundred dollars ($500) and for every subsequent offense the sum of one thousand dollars ($1,000), which, when recovered, shall be paid to the state treasurer.
Formerly: Acts 1935, c.162, s.268; Acts 1974, P.L.123, SEC.1.
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