Indiana Code
Chapter 3. General Powers and Duties of the Department
27-1-3-24. Declaration of Dividend Other Than From Earned Surplus; Approval

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

Indiana Code

Title 27. Insurance

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

27-1-3-3. Seal of Department

27-1-3-4. Business Practices of Insurance Companies

27-1-3-5. Certified Copies of Documents and Commissioner's Certification of Facts as Prima Facie Evidence

27-1-3-6. Repealed

27-1-3-7. Rules and Regulations

27-1-3-8. Repealed

27-1-3-9. Repealed

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

27-1-3-17. Repealed

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

27-1-3-20. Certificate of Authority; Issuance; Necessity; Removal of Unqualified Officers or Directors; Violations; Civil Penalties

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

27-1-3-34. Proof of Mailing

27-1-3-35. State Innovation Waiver Application