{"data":{"id":"us-in/ic-27-1-2-2.3","jurisdiction":"us-in","citation":"IC 27-1-2-2.3","heading":"Captive insurers","body":"Sec. 2.3. (a) As used in this section, \"captive insurer\" means a foreign company or an alien company:\n(1) that is supervised in the foreign or alien jurisdiction;\n(2) that is owned by a person that conducts business in Indiana;\n(3) whose exclusive purpose is to insure property and casualty risks of:\n(A) the parent entity described in subdivision (2);\n(B) affiliates of the parent entity; or\n(C) a controlled unaffiliated business;\nwhich may include reinsuring (through risk-sharing arrangements) property and casualty risks insured by other foreign companies or alien companies described in subdivision (1); and\n(4) that:\n(A) is owned or controlled by a state educational institution (as defined by IC 21-7-13-32); or\n(B) has made an election under Section 831(b) of the Internal Revenue Code if that election is in effect.\n(b) As used in this section, \"controlled unaffiliated business\" means a business:\n(1) that:\n(A) is not an affiliate of; and\n(B) has a contractual relationship with;\na parent entity described in subsection (a)(2) or an affiliate of the parent entity; and\n(2) the risks of which are managed by a captive insurer.\n(c) Except as provided in this section, this article does not apply to a captive insurer.\n(d) A captive insurer that is doing business in Indiana:\n(1) is not required to obtain a certificate of authority in Indiana under IC 27-1-6 for domestic formation or under IC 27-1-17 for foreign company admission;\n(2) shall register with the commissioner; and\n(3) shall, for each calendar year after 2012 in which the captive insurer is doing business in Indiana, pay into the treasury of this state a tax of two thousand five hundred dollars ($2,500).\n(e) A captive insurer that is required to pay the tax imposed for a calendar year under subsection (d)(3) shall pay the tax as follows:\n(1) For a tax imposed under subsection (d)(3) for calendar year 2013, the captive insurer shall pay the tax before July 1, 2014.\n(2) For a tax imposed under subsection (d)(3) for a calendar year after 2013, the captive insurer shall pay the tax before April 15 of the following calendar year.\n(f) The state and a political subdivision of the state shall not impose a license fee or privilege or other tax on a captive insurer, except the following:\n(1) The tax described in subsection (d)(3).\n(2) An applicable tax on real and tangible personal property of the captive insurer.","path":["TITLE 27. INSURANCE","ARTICLE 1. DEPARTMENT OF INSURANCE","Chapter 2. Application of Article; Definitions"],"source_url":"https://iga.in.gov/ic/2026/Title_27.html#27-1-2-2.3","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-25T05:39:04Z","sha256":"2739c528e1b0ca4d5905b51ab369f8cdecade02e7b2de9d184f4a8aa27970585","source_id":"us-in","stale":false,"prev":"us-in/ic-27-1-2-2","next":"us-in/ic-27-1-2-2.5"},"notice":"GroundRules: Original legal text. Not legal advice."}