Sec. 6. Any incorporation, association or society organized to insure lives, which provides for the payment of policy claims, or the accumulation of reserve or emergency funds, and the expenses of the management and prosecution of the business by payments to be made either at periods named in the contract or upon assessments as required, by persons holding similar contracts, and wherein the insured's liability to contribute to the payment of policy claims accrued or to accrue is not limited to a fixed sum, shall be deemed to be engaged in the business of life insurance upon the assessment plan, and shall be subject only to the provisions of this chapter. However, nothing contained in this chapter shall be construed as applicable to any association of religious or secret societies, or to any class of mechanics, express, telegraph or railroad employees, or veterans described in IC 10-17-5-2 or IC 10-17-5-1 (before their repeal) formed for the mutual benefit of the members thereof and their families exclusively, or to any secret or fraternal societies, lodges or councils that may be organized, or that are now organized and doing business in this state, which conduct their business and secure members on the lodge system exclusively, having ritualistic work and ceremonies in their societies, lodges or councils, and which are under the supervision of the grand or supreme body, nor to any association organized solely for benevolent purposes and not for profit.
Formerly: Acts 1897, c.195, s.6. As amended by Acts 1980, P.L.38, SEC.17; P.L.2-2003, SEC.69; P.L.42-2020, SEC.17.
Structure Indiana Code
Article 8. Life, Accident, and Health
Chapter 3. Mutual Life and Accident─formation
27-8-3-3. Directors, Trustees, or Managers
27-8-3-4. Determination of Fee Rates and Amount of Premiums, Assessments, or Periodical Calls; Risks
27-8-3-5. Reincorporation of Domestic Assessment Plan Companies; Exceptions
27-8-3-6. Application of Chapter to Assessment Plan Companies; Exceptions
27-8-3-7. Accumulation of Reserve or Emergency Fund; Investment; Additional Funds; Use of Excess
27-8-3-8. Assignment of Policy to Person Without Insurable Interest Void
27-8-3-9. Annual Report; Failure to File Report and Pay Fees; Suspension From Doing Business
27-8-3-10. Accident Insurance Business on Assessment Plan
27-8-3-11. Reserve Emergency Fund
27-8-3-12. Report of Affairs and Operations; Suspension for Failure to File
27-8-3-13. Authority to Deposit Securities; Investment of Reserve Funds
27-8-3-16. Examination at Request of Corporation; Certificate of Results; Expense
27-8-3-18. Attorney General; Exclusive Power to Apply for Accounting, Injunction, or Receivership
27-8-3-20. Foreign Corporations; Service of Process
27-8-3-21. Fraudulent Representations; Offenses
27-8-3-22. Eligible Beneficiaries; Change of Beneficiary
27-8-3-23. Exemption of Benefits and Premiums From Judicial Process
27-8-3-24. Violations; Revocation of Power to Do Business
27-8-3-26. Exempt Organizations
27-8-3-27. Legal Reserves; Compulsory Deposits; Filing of Forms; Exceptions