Section 27-1-20-25 - Organization of new companies on Lloyds or assessment plan prohibited; surplus requirement for reciprocal plan(a) A domestic company that organized after March 7, 1935, may not operate: (1) an insurance business on the assessment plan; or(2) an insurance business as Lloyds.(b) A domestic company may not operate an insurance business on the reciprocal plan as an interinsurer or individual underwriter unless it has a surplus over all policy liabilities of not less than two hundred fifty thousand dollars ($250,000).(Formerly: Acts 1935, c.162, s.272.) As amended by Acts1977 , P.L. 282, SEC.4.