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Statutory Deposits are established to protect the interests of the policyholders or enrollees. The amounts of the Deposits are set forth in Indiana Code (IC) 27-1-6-14 or 27-1-6-15 for insurance companies and IC 27-13-13-1 and IC 27-13-34-17 for HMOs and LSHMOs.
IDOI wants you prepared to file your Report of Securities or Report of Statutory Deposit. There are various forms that have specific directions. To help make filing easier we provide answers to our most frequently asked questions.
No, we cannot accept these forms by fax. They need an original signature, so they must be sent regular or overnight mail.
The affidavit must be filed with the Report of Securities when a security is placed on deposit.
Anticipate the maturity and file the form at least –one to two weeks prior to the maturity.
No, it is the company’s responsibility to make sure the deposit is in compliance with the code (I.C. 27-1-12-11 for life and fraternal and I.C. 27-1-13-3 for property and casualty, HMO and farm mutual companies before the form is submitted.
The previous balance on the form you are submitting must agree with the ending balance from the previous form. If these numbers do not agree, we return the forms for correction.
The bond amortizations are due in this office by February 15 for the preceding December 31st. However, if your company is requesting auditor confirmations or Certificates of Deposit to file with the Annual Statement, the Certificate request will not be completed until the bond amortization is received and processed by our office.