Indiana Code 27-1-35-2. “Accredited state”
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Terms Used In Indiana Code 27-1-35-2
- Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
- 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
Sec. 2. As used in this chapter, “accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the NAIC.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47. Amended by P.L.124-2018, SEC.55.