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Indiana digital-asset custody and license questions

Indiana DFI says a money-transmitter license does not cover virtual-currency transactions. For a business arranging custody or transmission, the practical insurance file should therefore identify the exact virtual-currency role, custodian contract, key structure, ownership and liability at each step instead of using a fiat-transmission license as shorthand. 1,2

What Is Digital Assets?

Digital-asset coverage may address custody, theft and business-liability risks, but a custodian’s policy may protect the custodian rather than you. If you hold or safeguard assets, verify the insured entity, wallets, key-loss protection and valuation. Read the national Digital assets guide.

Indiana Requirements

RequirementDetails
Do not treat a fiat license as virtual-currency authorityIndiana DFI’s FAQ expressly says a money-transmitter license does not cover virtual-currency transactions. Verify each service’s authorization separately. 1
Prepare a wallet and liability mapDFI’s supplemental questionnaire asks applicants about custodian agreements, wallet/key structure, asset ownership and liability through each stage, and whether assets may be rehypothecated. Those are useful records to assemble for a digital-asset insurance submission. 2

What to Watch for in Indiana

  • A license lookup can answer the wrong question

    A company may hold an Indiana money-transmitter license for fiat activity without that license covering virtual-currency transactions. 1

  • Contract rights matter

    DFI’s application questions distinguish custodians, wallets, key control, ownership, liability and rehypothecation. Read the customer agreement alongside the asset-flow diagram. 2

  • Regulatory questions do not establish policy response

    The DFI questionnaire is not insurance wording. Ask whether your exact entity, digital assets, wallets, third-party custodians and loss scenarios appear in the policy. 2,3,4

Who Regulates Insurance in Indiana

Indiana Department of Insurance

The Indiana Department of Insurance licenses and regulates insurance companies and producers, reviews rates and policies, and investigates consumer complaints. Its Consumer Services Division accepts complaints and the Department provides company and license searches. 5,6,7

Surplus-lines tax and stamping office

Reported tax rate: 2.5% of gross premium when Indiana is the home state Indiana’s surplus-lines premium tax is 2.5% when Indiana is the insured’s home state. Surplus-lines policies are outside Indiana guaranty-fund protection; before you buy, confirm the insurer’s identity and financial strength with your broker. 8,9,10,11

Providers With Documented State Licenses

No provider in Spot’s research documents both a state license record and this coverage line. This does not establish that providers are unlicensed. Check the regulator’s license lookup and confirm availability with a provider when requesting a quote.

Questions to Ask Before You Buy in Indiana

  1. Which Indiana-facing activities involve fiat transmission, virtual-currency transmission, custody, exchange or a third-party custodian?
  2. Who owns the assets at each step, who controls the keys, and may a platform lend or rehypothecate them?
  3. Does the policy name your operating and custody entities and address each wallet arrangement?
  4. Ask the broker how external theft, employee misuse, key loss, technology failure and customer liability are treated; do not infer those terms from DFI licensing.

Digital Assets in Indiana: FAQ

Does an Indiana money-transmitter license cover virtual currency? 1

Indiana DFI says its money-transmitter license does not cover virtual-currency transactions. A license for fiat services should not be used as proof of virtual-currency authorization or insurance. 1

What should a business show when discussing custody risk? 2,3

DFI’s questionnaire asks about custodian contracts, wallet and key structure, ownership, liability and rehypothecation. A buyer can use those same records to describe the insured exposure, but policy terms decide whether a loss is insured. 2,3

Digital Assets in Other States

Other Coverage in Indiana

Sources

  1. How do I find out if a money transmitter is licensed by DFI? Indiana Department of Financial Institutions; Current FAQ; answer distinguishes money-transmitter license from virtual-currency transactions. Accessed 2026-09-28.
  2. Indiana Money Transmitter Modernization Act Supplemental Questionnaire. Indiana Department of Financial Institutions; Supplemental Questionnaire, pp.1–3; virtual-currency custodian, wallet, key, asset ownership/liability and rehypothecation questions. Accessed 2026-09-28.
  3. Insurance. BitGo; Current page: custody and key-control description; direct-insured entity and location/entity eligibility qualifiers. Accessed 2026-09-28.
  4. Performance Management — Supplemental Requirements & Guidance. Lloyd’s; January 2020, pp.44–46: historic underwriting considerations for key security, hot/cold storage, code/network risk, insured identity and valuation; historical market guidance only. Accessed 2026-09-28.
  5. Indiana Department of Insurance. Indiana Department of Insurance; Official regulator homepage and insurance oversight. Accessed 2026-09-28.
  6. Company/Entity Financial Compliance. Indiana Department of Insurance; Official Company Lookup queries live department data on licensed entities; producer resources linked separately. Accessed 2026-09-28.
  7. Submit a Complaint Online. Indiana Department of Insurance; Online complaint portal and published consumer phone. Accessed 2026-09-28.
  8. Indiana Code § 27-1-15.8-4: Tax on surplus lines insurance. Indiana General Assembly; 2.5% tax and insured home-state application. Accessed 2026-09-28.
  9. Surplus Lines Agent Licensing. Indiana Department of Insurance; Official IDOI surplus-lines agent and company guidance; identifies surplus-lines insurers as companies not licensed to transact admitted insurance in Indiana and statutory eligibility conditions. Accessed 2026-09-28.
  10. Guaranty Associations & Funds. National Association of Insurance Commissioners; Overview of state guaranty-association scope and nonadmitted insurers. Accessed 2026-09-28.
  11. Guaranty Funds. Indiana Department of Insurance; Department description of Indiana P&C and life/health guaranty funds and their limits; together with the Department's surplus-lines company page distinguishing these nonauthorized companies from licensed insurers. Accessed 2026-09-28.
  12. Licenses. At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
  13. Licenses and Carriers. Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535. Accessed 2026-09-22.
  14. Insurance Producer Licenses. Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown. Accessed 2026-09-28.
  15. About Hiscox US Insurance. Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
  16. Licenses. ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885. Accessed 2026-09-28.
  17. About Risklytics. Risklytics; What we do; Who we insure; Licensing; Agency licenses table dated 2026-09-10. Accessed 2026-09-16.
  18. Insurance Licenses by State. TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number. Accessed 2026-09-28.
  19. Licenses. Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict. Accessed 2026-09-15.

Updated .

This guide is informational and does not determine whether a policy is available or meets your needs. Editorial policy. To suggest a correction, contact Spot with a supporting source.

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