Section 27-1-15.8-1 - Definitions; application(a) Except as provided in this section, the definitions in IC 27-1-15.6-2 apply throughout this chapter.(b) As used in this chapter, "affiliate" means, with respect to an insured, an entity that controls, is controlled by, or is under common control with the insured.(c) As used in this chapter, "affiliated group" means a group of affiliates.(d) As used in this chapter, "control" means: (1) ownership or power to vote at least twenty-five percent (25%) of any class of voting securities; or(2) power to determine the election of a majority of the directors or trustees; of an entity.
(e) As used in this chapter, "home state" means the following:(1) With respect to an insured:(A) the state in which the insured maintains:(i) the insured's principal place of business; or(ii) if the insured is an individual, the insured's principal residence; or(B) if one hundred percent (100%) of the insured risk is located outside the state described in clause (A), the state to which the greatest percentage of the insured's taxable premium for the insurance contract is allocated.(2) With respect to an affiliated group, if more than one (1) insured from the affiliated group is a named insured on a single nonadmitted insurance policy or contract, the home state determined under subdivision (1) of the member of the affiliated group that has the largest percentage of premium attributed to the member under the nonadmitted insurance policy or contract.(f) As used in this chapter, "nonadmitted insurance policy or contract" means an insurance policy or contract that is issued by an insurer that is not authorized to transact the business of insurance under the law of the home state.(g) As used in this chapter, "principal place of business" means, with respect to determining the home state of an insured, the state where the:(1) insured maintains the insured's headquarters; and(2) insured's officers direct, control, and coordinate the business activities of the insured.Amended by P.L. 208-2018,SEC. 6, eff. 7/1/2018.As added by P.L. 132-2001, SEC.5.