Citations Affected: IC 27-1-17-4 ; IC 27-2-9-2.
Synopsis: Insurance technical correction. Removes the requirement
that an application for admission by an insurance company include
copies of forms of all policies that the insurance company proposes to
issue in Indiana and copies of the forms of application for the policies.
Adds a limited liability company to the definition of a "subsidiary
company". Defines "voting stock" to include membership interest in a
limited liability company.
Effective: July 1, 2001.
January 11, 2001, read first time and referred to Committee on Insurance, Corporations and
A BILL FOR AN ACT to amend the Indiana Code concerning
or the state in which it is domiciled in the United States, that it is
duly organized or incorporated under those laws and authorized
to make the kind or kinds of insurance which it proposes to make
in this state.
(f) A copy of its bylaws or regulations, if any, certified to by the secretary or similar officer of the insurance company.
(g) Copies of forms of all policies which the insurance company
proposes to issue in this state and also copies of the forms of
application for such policies.
(h) (g) A duly executed power of attorney in a form prescribed by
the department which constitutes and appoints an individual or a
corporate resident of Indiana, or an authorized Indiana insurer, as
the insurance company's agent, its true and lawful attorney upon
whom all lawful processes in any action in law or in equity
against it shall be served. Such power of attorney shall contain an
agreement by the insurance company that any lawful process
against it which may be served upon the agent as its attorney shall
be of the same force and validity as if served upon the insurance
company and that such power of attorney shall continue in force
and be irrevocable so long as any liability of the insurance
company remains outstanding in this state. Such power of
attorney shall be executed by the president and secretary of the
insurance company or other duly authorized officers under its seal
and shall be accompanied by a certified copy of the resolution of
the board of directors of the company making said appointment
and authorizing the execution of said power of attorney. Service
of any lawful process shall be by delivering to and leaving with
the agent two (2) copies of such process, with copy of the
pertinent complaint attached. The agent shall forthwith transmit
to the defendant company at its last known principal place of
business by registered or certified mail, return receipt requested,
one (1) of the copies of such process, with complaint attached, the
other copy to be retained in a record which shall show all process
served upon and transmitted by him. Such service shall be
sufficient provided the returned receipt or, if the defendant
company shall refuse to accept such mailing, the registered mail
together with an affidavit of plaintiff or his attorney stating that
service was made upon the agent and forwarded as above set forth
but that such mail was returned by the post office department is
filed with the court. The agent shall make information and
receipts available to plaintiff, defendant or their attorneys. No
plaintiff or complainant shall be entitled to a judgment by default
based on service authorized by this section until the expiration of
at least thirty (30) days from the date on which either the post
office receipt or the unclaimed mail together with affidavit is filed
with the court. Nothing in this section shall limit or abridge the
right to serve any process, notice or demand upon any company
in any other manner permitted by law.
(i) (h) Proof which satisfies the department that it has complied
with the financial requirements imposed in this chapter upon
foreign and alien insurance companies which transact business in
this state and that it is entitled to public confidence and that its
admission to transact business in this state will not be prejudicial
to public interest.