Sec. 15. (a) A risk retention group is liable for the payment of premium taxes and taxes on premiums of direct business for risks resident or located within Indiana, and shall report to the commissioner of this state the net premiums written for risks resident or located within Indiana. A risk retention group that is chartered and licensed in a state other than Indiana is subject to taxation, and any applicable fines and penalties related thereto, on the same basis as a foreign admitted insurer.
(b) A licensed insurance producer who is utilized under section 30 of this chapter in soliciting, negotiating, or procuring liability insurance from a risk retention group that is chartered and licensed in a state other than Indiana shall report to the commissioner the premiums for direct business for risks resident or located within Indiana that the insurance producer has placed with or on behalf of a risk retention group that is not chartered in Indiana.
(c) A licensed insurance producer who is utilized under section 30 of this chapter in soliciting, negotiating, or procuring liability insurance from a risk retention group that is chartered and licensed in a state other than Indiana shall keep a complete and separate record of all policies procured from each such risk retention group. The record kept under this subsection must be open to examination by the commissioner and must, for each policy and each kind of insurance provided, include the following information:
(1) The limit of liability.
(2) The time period covered.
(3) The effective date.
(4) The name of the risk retention group that issued the policy.
(5) The gross premium charged.
(6) The amount of return premiums, if any.
As added by P.L.162-1988, SEC.2. Amended by P.L.178-2003, SEC.49.
Structure Indiana Code
Article 7. Special Types of Insurance
Chapter 10. Risk Retention Groups
27-7-10-1. "Commissioner" Defined
27-7-10-2. "Completed Operations Liability" Defined
27-7-10-4. "Hazardous Financial Condition" Defined
27-7-10-5. "Insurance" Defined
27-7-10-6. "Liability" Defined
27-7-10-7. "Personal Risk Liability" Defined
27-7-10-8. "Plan of Operation or Feasibility Study" Defined
27-7-10-9. "Product Liability" Defined
27-7-10-10. "Purchasing Group" Defined
27-7-10-11. "Risk Retention Group" Defined
27-7-10-15. Premium Taxes and Taxes on Premiums; Liability; Report of Premiums; Policy Records
27-7-10-16. Foreign Risk Retention Groups; Compliance With Business Practice Provisions
27-7-10-17. Examination of Foreign Risk Retention Groups
27-7-10-18. Notice; Applications and Policies
27-7-10-20. Insurance Company Membership in Risk Retention Group
27-7-10-21. Prohibited Coverage
27-7-10-23. Insurance Insolvency Guaranty Fund
27-7-10-24. Countersignature on Policies
27-7-10-25. Purchasing Groups and Their Insurers; Application of Indiana Law; Exemptions
27-7-10-28. Premium Taxes; Taxes on Premiums; Calculations
27-7-10-29. Enforcement; Scope of Authority
27-7-10-30. Solicitation, Negotiation, or Procurement of Liability Insurance; License Requirements
27-7-10-32. Insurance Producers for Risk Retention Groups; Residence; Notice