Indiana Code Title 27, Article 1

What this document is

Indiana Code Title 27, Article 1 - Department of Insurance: Department Created, Incorporation by Reference, Application of Article and Definitions, General Powers and Duties of the Department, and Examinations (IC 27-1-1, 27-1-1.5, 27-1-2, 27-1-3, 27-1-3.1) is a state statute published by Indiana General Assembly (iga.in.gov). It is one of the Indiana documents that insurance license exam questions are written from, including indiana property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• IC § 27-1-2-3(a) (Application of Article; Definitions; "Insurance")

  “(a) "Insurance" means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in...”

• IC § 27-1-3-22(c) (Fraudulent Insurance Act; Duty to Report)

  “(c) A person or entity regulated under this title that has knowledge or a reasonable belief that a fraudulent insurance act is being or has been committed shall furnish the information to: (1) the department; or (2) the National Insurance Crime Bureau; not later than sixty (60) days after the...”

• IC § 27-1-1-2(a) (Insurance Commissioner; Appointment, Qualifications, and Removal)

  “Sec. 2. (a) The powers, duties, management and control of the department of insurance are hereby conferred on and vested in the "insurance commissioner". The insurance commissioner shall be appointed by the governor, and shall be familiar with and known to possess a knowledge of the subject of...”

• IC § 27-1-2-3(e), (f), and (g) (Definitions; Domestic, Foreign, and Alien Company)

  “(e) The term "domestic company" or "domestic corporation" means an insurance company organized under the insurance laws of this state. (f) The term "foreign company" or "foreign corporation" means an insurance company organized under the laws of any state of the United States other than this state...”

• IC § 27-1-3-20(c) (Certificate of Authority; Necessity Before Transacting Business)

  “(c) No company shall transact any business of insurance or hold itself out as a company in the business of insurance in Indiana until it shall have received a certificate of authority as prescribed in this section.”

• IC § 27-1-3.1-8(a) (Examinations; Procedure; Discretion and Minimum Frequency)

  “Sec. 8. (a) The commissioner or any of the commissioner's examiners: (1) may conduct an examination under this chapter of any company as often as the commissioner, in the commissioner's sole discretion, considers appropriate; and (2) shall, at a minimum, conduct an examination of every insurer...”

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More Indiana sources

• Indiana Code IC 27-4-1 - Unfair Competition; Unfair or Deceptive Acts and Practices (IC 27-4-1-1 to 27-4-1-19)State statute
• Indiana Code Title 27, Article 8, Chapter 5 - Accident and Sickness Insurance: Policy Provisions (IC 27-8-5, individual and general provisions)State statute
• Indiana Code Title 27, Article 1, Chapter 3.5 - Annual Audited Financial Reports (IC 27-1-3.5)State statute
• Indiana Code Title 27, Article 7 - Uninsured Motorist Coverage and Underinsured Motorist Coverage, Miscellaneous Motor Vehicle Insurance Provisions, and Cancellation of Automobile Insurance Policies (IC 27-7-5, 27-7-5.1, 27-7-6)State statute
• Indiana Code Title 27, Article 1 - Classification of Insurance, Admission of Foreign and Alien Companies to Transact Business in Indiana, and Additional Provisions Pertaining to Foreign and Alien Companies (IC 27-1-5, 27-1-17, 27-1-18)State statute
• Indiana Code Title 27 - Use of Credit Information in Personal Insurance and Virtual Claim Payments for Dental Care Services (IC 27-2-21, IC 27-4-10)State statute
• Indiana Code Title 35, Article 50 - Sentences: General Provisions, Sentences for Felonies, and Sentences for Misdemeanors (IC 35-50-1, 35-50-2, 35-50-3)State statute
• Indiana Code Title 9, Article 25 - Financial Responsibility (IC 9-25-1 through IC 9-25-11.5)State statute