Indiana § 27-1-20-6 Transfer of defaulted deposited securities to other depository under
financial reorganization agreement; filing receipt; effect on deposit
credit

Indiana Statutes

§ 27-1-20-6 — Transfer of defaulted deposited securities to other depository under financial reorganization agreement; filing receipt; effect on deposit credit

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 20 Additional Provisions Pertaining to All Insurance

If a life insurance company, in order to protect
itself against loss on account of defaulted securities issued by a public
or private corporation and deposited with the department in accordance
with this article, enters into an agreement incidental to the financial
reorganization of such corporation, and requiring a deposit of such
securities with a committee or a depository designated in such
agreement, such securities may be withdrawn from the deposit with the
department and transferred to the committee or depository designated
in such agreement without reducing the deposit credit of such
company, provided that a proper receipt executed by the committee or
depository be filed with the department within fifteen (15) days
following the date such securities are withdrawn, or within such fur

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If a life insurance company, in order to protect
itself against loss on account of defaulted securities issued by a public
or private corporation and deposited with the department in accordance
with this article, enters into an agreement incidental to the financial
reorganization of such corporation, and requiring a deposit of such
securities with a committee or a depository designated in such
agreement, such securities may be withdrawn from the deposit with the
department and transferred to the committee or depository designated
in such agreement without reducing the deposit credit of such
company, provided that a proper receipt executed by the committee or
depository be filed with the department within fifteen (15) days
following the date such securities are withdrawn, or within such further
period of time as the commissioner may in his discretion allow.
Formerly: Acts 1935, c.162, s.253. As amended by
P.L.252-1985, SEC.88.

Indiana § 27-1-20-6 (Transfer of defaulted deposited securities to other depository under financial reorganization agreement; filing receipt; effect on deposit credit) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.