Indiana § 27-1-12-22 Impairment of assets or capital; notice of time for restoration;
suspension of right to issue new policies

Indiana Statutes

§ 27-1-12-22 — Impairment of assets or capital; notice of time for restoration; suspension of right to issue new policies

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 12 Life Insurance Company Powers and Policy

If it appears to the department from an
examination made by it or by an examiner appointed by it, that the
assets of any domestic life insurance company are insufficient to justify
its continuance in business or that its capital is impaired the department
shall notify such company, setting a time, within the discretion of the
commissioner, by which such impairment of assets or of its capital
shall be restored and further notifying such company to issue no new
policies until its assets have become equal to its liabilities, or its capital
has been restored unimpaired.
Formerly: Acts 1935, c.162, s.161.

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If it appears to the department from an
examination made by it or by an examiner appointed by it, that the
assets of any domestic life insurance company are insufficient to justify
its continuance in business or that its capital is impaired the department
shall notify such company, setting a time, within the discretion of the
commissioner, by which such impairment of assets or of its capital
shall be restored and further notifying such company to issue no new
policies until its assets have become equal to its liabilities, or its capital
has been restored unimpaired.
Formerly: Acts 1935, c.162, s.161.

Indiana § 27-1-12-22 (Impairment of assets or capital; notice of time for restoration; suspension of right to issue new policies) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.