CHAPTER 7. COMPLIANCE WITH OTHER STATES' REGULATIONS
IC 27-2-7
Chapter 7. Compliance With Other States' Regulations
IC 27-2-7-1
Power of compliance; payment of fees and taxes
Sec. 1. Every domestic insurer shall have power to comply with
any statute, ordinance or other law of any state, territory or political
subdivision thereof (including the District of Columbia) imposing
any license, excise, privilege, premium, occupation or other fee or
tax and to pay such fee or tax unless prior to such payment such
statute, ordinance or other law shall have been expressly held invalid
by the state court having final appellate jurisdiction in the premises,
or by the Supreme Court of the United States.
(Formerly: Acts 1945, c.123, s.1.)
IC 27-2-7-2
Exemption from personal liability
Sec. 2. No officer, director or trustee of any insurer shall be
subject to any personal liability by reason of any payment, or
determination not to contest payment, deemed by the board of
directors or trustees to be in the corporate interests of such insurer,
of any license, excise, privilege, premium, occupation or other fee or
tax to any state, territory or political subdivision thereof (including
the District of Columbia), unless prior to such payment the statute,
ordinance or other law imposing such fee or tax shall have been
expressly held invalid by the state court having final appellate
jurisdiction in the premises, or by the Supreme Court of the United
States.
(Formerly: Acts 1945, c.123, s.2.)
IC 27-2-7-3
Application of act
Sec. 3. This chapter shall be applicable to acts done and payments
made on and after March 3, 1945; provided, however, that nothing
contained in this chapter shall be construed as directly or indirectly
limiting, minimizing, or interpreting the rights and powers and duties
of insurers and their officers, directors, and trustees, existing before
March 3, 1945, except as specifically exempted by this chapter.
(Formerly: Acts 1945, c.123, s.3.) As amended by P.L.252-1985,
SEC.128.