Indiana § 27-1-23-10 Seizure of property of domestic insurer

Indiana Statutes

§ 27-1-23-10 — Seizure of property of domestic insurer

Indiana § 27-1-23-10

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 23Regulation of Insurance Holding Company Systems

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Bluebook

Ind. Code § 27-1-23-10 (2026).

Text

Whenever it appears to the commissioner
that any person has committed a violation of this chapter which so
impairs the financial condition of a domestic insurer as to threaten
insolvency or make the further transaction of business by it hazardous
to its policyholders or the public, the commissioner may proceed as
provided in the insurance laws of this state to take possession of the
property of such domestic insurer and to conduct the business thereof.
A determination made under this section must be accompanied by
specific findings of fact and conclusions of law.
Formerly: Acts 1971, P.L.387, SEC.1. As amended by Acts
1981, P.L.244, SEC.9; P.L.26-1991, SEC.16.

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Whenever it appears to the commissioner
that any person has committed a violation of this chapter which so
impairs the financial condition of a domestic insurer as to threaten
insolvency or make the further transaction of business by it hazardous
to its policyholders or the public, the commissioner may proceed as
provided in the insurance laws of this state to take possession of the
property of such domestic insurer and to conduct the business thereof.
A determination made under this section must be accompanied by
specific findings of fact and conclusions of law.
Formerly: Acts 1971, P.L.387, SEC.1. As amended by Acts
1981, P.L.244, SEC.9; P.L.26-1991, SEC.16.