§ 27-1-12.1-14 — Duties of limited purpose subsidiary

Indiana § 27-1-12.1-14

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

Text

(a) A limited purpose subsidiary shall do
the following:
(1) Provide to the commissioner, not later than forty-five (45)
days after the closing date of the transactions of an insurance
securitization, a copy of a complete set of executed
documentation of the insurance securitization.
(2) Notify the commissioner, not later than two (2) business days
after any material change in the financial condition or
management of the limited purpose subsidiary, written notice of
the material change.
(3) Annually file with the commissioner the actuarial opinion of
the limited purpose subsidiary's internal actuary concerning
reserves held by the limited purpose subsidiary for all risks
assumed by the limited purpose subsidiary under the limited
purpose subsidiary's reinsurance contracts.
(4) Biennially file with the commissioner the actuarial opinion of
a qualified actuary concerning the methodology and assumptions
used by the limited purpose subsidiary in establishing the reserves
held by the limited purpose subsidiary.
(5) Immediately notify the commissioner concerning any action
by a ceding insurer or other person to foreclose on or otherwise
take possession of collateral provided by the limited purpose
subsidiary to secure an obligation of the limited purpose
subsidiary.
(6) Comply with IC 27-1-23 and IC 27-1-36.
(b) Unless otherwise required by the commissioner, a limited
purpose subsidiary is not required to file a report, notice, or other
document with the National Association of Insurance Commissioners.

Legislative History

As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.5.