Sec. 10. Notwithstanding section 9 of this chapter, the provisions of sections 11 through 14 of this chapter do not apply if:
(1) the controlling producer:
(A) places insurance only with the controlled insurer, or only with the controlled insurer and a member or members of the controlled insurer's holding company system, or the controlled insurer's parent, affiliate, or subsidiary and receives no compensation based upon the amount of premiums written in connection with such insurance; and
(B) accepts insurance placements only from nonaffiliated subproducers, and not directly from insureds; and
(2) the controlled insurer, except for insurance business written through a residual market facility accepts insurance business only from a controlling producer, a producer controlled by the controlled insurer, or a producer that is a subsidiary of the controlled insurer.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 35. Business Transacted With Producer Controlled Property and Casualty Insurers
27-1-35-1. Applicability of Law
27-1-35-3. "Captive Insurer" Defined
27-1-35-4. "Control" or "Controlled" Defined
27-1-35-5. "Controlled Insurer" Defined
27-1-35-6. "Controlling Producer" Defined
27-1-35-7. "Licensed Insurer" or "Insurer" Defined
27-1-35-9. Threshold Limit of Premiums
27-1-35-10. Exempt Transactions
27-1-35-11. Written Contract Requirement
27-1-35-13. Opinions of Independent Casualty Actuaries or Independent Loss Reserve Specialists
27-1-35-15. Notice of Relationship
27-1-35-16. Orders to Cease Placing Business
27-1-35-17. Civil Actions by Commissioner