Section 27-1-40-3 - Indiana as state of entry for alien companyIndiana may serve as a state of entry to enable an alien company to transact insurance business in the United States through a United States branch if the United States branch:
(1) qualifies under this title for a certificate of authority as if the United States branch were a domestic company organized under this title; and(2) establishes a trust account that meets the following conditions: (A) The trust account is established under a trust agreement approved by the commissioner with a United States bank.(B) The amount in the trust account is at least equal to:(i) the minimum capital and surplus requirements; or(ii) the authorized control level risk based capital requirements; whichever is greater, that apply to a domestic company that possesses a certificate of authority to transact the same kind of insurance business in Indiana as the United States branch will transact.
As added by P.L. 173-2007, SEC.20.