Introduced Version






HOUSE BILL No. 1670

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 27-1-17-3.

Synopsis: Names of foreign and alien insurers. Specifies the requirements that regulate the naming of foreign and alien insurance and assurance companies.

Effective: July 1, 2001.





Smith M




    January 17, 2001, read first time and referred to Committee on Insurance, Corporations and Small Business.







Introduced

First Regular Session 112th General Assembly (2001)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2000 General Assembly.

HOUSE BILL No. 1670



    A BILL FOR AN ACT to amend the Indiana Code concerning insurance.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 27-1-17-3; (01)IN1670.1.1. -->     SECTION 1. IC 27-1-17-3 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2001]: Sec. 3. (a) A No foreign or alien insurance company shall may not be admitted to do business in this state Indiana having a name which at the date of such admission, that could not be taken by a domestic corporation under the provisions of IC 27-1-6-3.
     (b) Notwithstanding subsection (a), except that the name of a foreign or alien insurance company need not include the word:
         (1) the word "company", "corporation", "incorporated", or "mutual", or one (1) of the abbreviations thereof, of those words; nor
         (2) the word "insurance"; or
         (3) the word "assurance";
provided if the name of such the company complies with subsection (c).
    (c) The name of a foreign or alien insurance company:
        (1) must be
is authorized by the laws of the state or territory of its organization or domicile; and
         (2) provided such name does may not negate the characteristic of such suggest that the company as is not an insurance or assurance company.
     (d) No such foreign or alien insurance company after it has been admitted shall, by amendment to its charter, assume any name which, at the date of the filing of such amendment as provided in this chapter, could not be taken by a domestic corporation under the provisions of IC 27-1-6-3.
SOURCE: ; (01)IN1670.1.2. -->     SECTION 2. [EFFECTIVE JULY 1, 2001] IC 27-1-17-3 , as amended by this act, applies to a foreign or alien insurance company admitted to do business in Indiana after June 30, 2001.