is equivalent to and shall constitute an appointment by such insurer of the commissioner of insurance, and the commissioner's successor or successors in office, to be its true and lawful attorney, upon whom may be served all statements of charges, notices and lawful process in any proceeding instituted in respect to the misrepresentations set forth in section 3 of this chapter under IC 27-4-1 or in any action, suit, or proceeding for the recovery of any penalty provided in IC 27-4-1, and any such act shall be signification of its agreement that the service of statement of charges, notices, or process is of the same legal force and validity as personal service of such statement of charges, notices, or process in this state, upon such insurer.
and a copy of such statement of charges, notices, or process is sent within ten (10) days after the date of the service of the statement of charges, notices, or process by registered mail by or on behalf of the commissioner to the defendant at the last known principal place of business of the defendant, and the defendant's receipt, or the receipt issued by the post office with which the letter is registered, showing the name of the sender of the letter, the name and address of the person to whom the letter is addressed, and the affidavit of the person mailing the same showing a compliance with this section are filed with the commissioner in the case of any statement of charges or notices, or with the clerk of the court in which such action is pending in the case of any process, on or before the date the defendant is required to appear or within such further time as the court may allow.
IC 27-4-6-5