Terms Used In Indiana Code > Title 27 > Article 1 > Chapter 12.1 - Limited Purpose Subsidiary Life Insurance Companies

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• affiliate: means a domestic life insurance company that is a wholly owned subsidiary of the parent of a limited purpose subsidiary. See Indiana Code 27-1-12.1-1
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• capital: means the aggregate amount paid in on the shares of capital stock of a corporation issued and outstanding. See Indiana Code 27-1-2-3
• 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
• Contract: A legal written agreement that becomes binding when signed.
• 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
• insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
• life insurance company: means any company making one or more of the kinds of insurance set out and defined in class 1(a) of IC 27-1-5-1. See Indiana Code 27-1-2-3
• limited purpose subsidiary: means a subsidiary life insurance company that is organized under this chapter. See Indiana Code 27-1-12.1-2
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• organizing domestic life insurance company: refers to a life insurance company that organizes a limited purpose subsidiary under this chapter. See Indiana Code 27-1-12.1-3
• parent: means a person that through at least one (1) intermediary wholly owns a limited purpose subsidiary. See Indiana Code 27-1-12.1-4
• person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
• risk: means a risk:

  Indiana Code 27-1-12.1-5