What must a domestic insurance company in Indiana do?

A domestic insurance company in Indiana is defined as one that is incorporated or organized under the insurance laws specific to Indiana. This means that to be recognized as a domestic insurer, the company must adhere to the regulatory framework and operational guidelines established by the state. Being organized under Indiana insurance laws ensures that the company is compliant with state regulations concerning its formation, operations, and oversight, which are designed to protect policyholders and maintain the integrity of the insurance market within the state.

In contrast, owning real estate in Indiana isn't a requirement for being classified as a domestic insurer; the focus is primarily on compliance with state laws. Additionally, while it is common for insurance companies to write policies covering risks located in their home state, there are no restrictions preventing domestic insurers from writing coverage on risks outside Indiana. Lastly, while the NAIC (National Association of Insurance Commissioners) provides guidelines and standards that many states adopt, honoring its charter is not a specific requirement for being designated as a domestic insurance company in Indiana. Thus, the primary and defining feature of a domestic insurer is its organization under state laws.