§ 27-1-12.1-13 — Admitted assets

Indiana § 27-1-12.1-13

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 12.1: Limited Purpose Subsidiary Life Insurance

Text

(a) If approved by the commissioner, the
following are considered to be and must be reported as admitted assets
of a limited purpose subsidiary:
(1) Proceeds from a securitization, premiums, and other amounts
payable by an affiliate to the limited purpose subsidiary.
(2) Letters of credit.
(3) Guarantees of the parent.
(4) Other assets.
(b) If the commissioner determines that the value of admitted assets
that:
(1) were previously approved by the commissioner under
subsection (a); and
(2) are not assets that are addressed by the Accounting Practices
and Procedures Manual;
has decreased, the commissioner may require the limited purpose
subsidiary to provide additional security or collateral.
(c) The commissioner shall, at least thirty (30) days before taking
action under subsection (b):
(1) notify the limited purpose subsidiary of the action; and
(2) provide to the limited purpose subsidiary an opportunity to
remedy the issues identified by the commissioner.

Legislative History

As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.4; P.L.124-2018, SEC.18.