Ind. Code § 27-1-20-25
Organization of new companies on Lloyds or assessment plan prohibited; surplus requirement for reciprocal plan
Indiana · Indiana Code Title 27 — Insurance · Status: effective
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- Citation
- Ind. Code § 27-1-20-25, Organization of new companies on Lloyds or assessment plan prohibited; surplus requirement for reciprocal plan, Indiana, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1661969
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Full text
Sec. 25.
(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).