Sec. 24. (a) As used in this section, "earned surplus" means an amount equal to the unassigned funds of an insurer as set forth in the most recent annual statement of the insurer that is submitted to the commissioner, excluding surplus arising from unrealized capital gains or revaluation of assets.
(b) A domestic insurer may not:
(1) declare; or
(2) pay;
a dividend from any source of money other than earned surplus unless the commissioner approves the payment of the dividend before the dividend is paid.
As added by P.L.130-1994, SEC.3 and P.L.116-1994, SEC.7.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 3. General Powers and Duties of the Department
27-1-3-1. Exemption From Individual Liability
27-1-3-2. Conflicts of Interest
27-1-3-4. Business Practices of Insurance Companies
27-1-3-7. Rules and Regulations
27-1-3-10. Power to Revoke or Suspend Certificate of Authority
27-1-3-10.5. Disclosure of Information
27-1-3-11. Confidential Information
27-1-3-12. Acceptance of Examination Made by Another State
27-1-3-13. Blanks for Annual Statement; Separate Exhibit
27-1-3-14. Notice of Insolvency, Failure, or Suspension of Operations; Failure to Give Notice
27-1-3-15. Filing Fees; Collection
27-1-3-16. Disposition of Taxes and Fees Accrued
27-1-3-18. Solicitation for Political Assessments or Contributions; Violations
27-1-3-19. Order to Correct Improper Practices or Remedy Deficiencies; Actions to Compel Compliance
27-1-3-21. Execution of Instruments or Documents
27-1-3-22. Fraudulent Insurance Act; Definition; Liability
27-1-3-23. Civil Actions; Substantial Justification
27-1-3-24. Declaration of Dividend Other Than From Earned Surplus; Approval
27-1-3-25. Review of Ordinary Shareholder Dividends to Determine Reasonableness
27-1-3-26. Order to Limit Ordinary Shareholder Dividends
27-1-3-27. Order to Limit or Disallow Payment of Ordinary Shareholder Dividends
27-1-3-28. Department of Insurance Fund; Establishment; Deposits
27-1-3-29. Enforceability of Policies Exceeding Authority of Insurer or Violating Statute or Rule
27-1-3-32. Posting of Life Insurance and Other Financial Information
27-1-3-33. Publication of Grievance Related Information on Internet