IC 27-1-20-25: Organization of new companies on Lloyds or assessment plan prohibited; surplus requirement for reciprocal plan

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).