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27-6-10-10. Assuming insurer domiciled or entering through another state

IN Code § 27-6-10-10 (2019) (N/A)
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Sec. 10. As provided in section 7 of this chapter, credit shall be allowed a domestic ceding insurer when the reinsurance is ceded to an assuming insurer:

(1) that:

(A) is domiciled in; or

(B) in the case of a United States branch of an alien assuming insurer, is entered through;

a state that employs standards regarding credit for reinsurance substantially similar to those applicable under this chapter;

(2) that:

(A) maintains a surplus as regards policyholders in an amount not less than twenty million dollars ($20,000,000); and

(B) submits to the authority of Indiana to examine the insurer's books and records;

provided, however, that the requirement of clause (A) does not apply to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same holding company system; and

(3) that complies with section 12 of this chapter.

As added by P.L.116-1994, SEC.54. Amended by P.L.81-2012, SEC.27.

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