Indiana Code 27-1-40-5. Certificate of authority for United States branch; requirements
(1) Comply with this chapter and any other requirement of this title.
Terms Used In Indiana Code 27-1-40-5
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- certificate of authority: means an instrument in writing issued by the department to an insurer, which sets out the authority of such insurer to engage in the business of insurance or activities connected therewith. See Indiana Code 27-1-2-3
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- principal office: means that office maintained by the corporation in this state, the address of which is required by the provisions of this article to be kept on file in the office of the department. See Indiana Code 27-1-2-3
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
- United States branch: means :
Indiana Code 27-1-40-2
(A) A copy of the current charter and bylaws of the alien company that intends to transact business through the United States branch and any other documents determined by the commissioner to be necessary to provide evidence of the kinds of insurance business that the alien company is authorized to transact. Documents submitted under this clause must be attested to as accurate by the insurance supervisory official in the alien company’s domiciliary jurisdiction.
(B) A full statement, subscribed and affirmed as true under penalty of perjury by two (2) officers or equivalent responsible representatives of the alien company in a manner prescribed by the commissioner, of the alien company’s financial condition as of the close of the alien company’s latest fiscal year, showing the alien company’s:
(i) assets;
(ii) liabilities;
(iii) income disbursements;
(iv) business transacted; and
(v) other facts required to be shown in the alien company’s annual statement reported to the insurance supervisory official in the alien company’s domiciliary jurisdiction.
(C) An English translation, if necessary, of any document submitted under this subdivision.
(3) Submit to an examination of the affairs of the alien company that intends to transact business through the United States branch at the alien company’s principal office in the United States. However, the commissioner may accept a report of the insurance supervisory official in the alien company’s domiciliary jurisdiction in lieu of the examination required under this subdivision.
(b) The commissioner may at any time hire, at a United States branch’s expense, any independent experts that the commissioner considers necessary to implement this chapter with respect to the United States branch.
As added by P.L.173-2007, SEC.20.