§ 27-1-23-8 — Enjoining violations; seizure or sequestration of securities

(a) Whenever it appears to the commissioner
that any person has committed or is about to commit a violation of this
chapter or of any rule or order issued by the commissioner under this
chapter, the commissioner may apply to the circuit court, superior
court, or probate court for the county in which such person resides or,
in the case of a corporation or other entity, has its principal office, or
if such person has no such residence or office in this state then to the
circuit court or superior court of Marion County, for an order enjoining
such person from violating or continuing to violate this chapter or any
such rule or order, and for such other equitable relief as the nature of
the case and the interests of policyholders or the public may require.
(b) No security which is the subject of any agreement or
arrangement regarding acquisition, or which is acquired or to be
acquired, in contravention of the provisions of this chapter or of any
rule or order issued by the commissioner under this chapter may be
voted at any shareholders' meeting, or may be counted for quorum
purposes, and any action of shareholders requiring the affirmative vote
of a percentage of shares may be taken as though such securities were
not issued and outstanding; but no action taken at any such meeting
shall be invalidated by the voting of such securities, unless the action
would materially affect control of a domestic insurer or any corporation
controlling such insurer or unless the courts of this state have so
ordered. If a domestic insurer, any corporation controlling such insurer
or the commissioner has reason to believe that any security of the
domestic insurer or any corporation controlling such insurer has been
or is about to be acquired in contravention of the provisions of this
chapter or of any rule or order issued by the commissioner under this
chapter, the domestic insurer, any corporation controlling such insurer
or the commissioner may apply to the circuit court or superior court of
Marion County or to the circuit court, superior court, or probate court
of the county in which the domestic insurer or corporation controlling
such insurer has its principal place of business to enjoin any offer,
request, invitation, agreement or acquisition commenced, entered into,
or consummated in contravention of this chapter or any rule or order
issued by the commissioner under this chapter, to enjoin the voting of
any security so acquired, to void any vote of such security already cast
at any meeting of shareholders, and for such other equitable relief as
the nature of the case and the interests of the domestic insurer's
policyholders or the public may require.
(c) In any case where a person has acquired or is proposing to
acquire securities in violation of this chapter or any rule or order issued
by the commissioner under this chapter, the circuit court or superior
court of Marion County or the circuit court, superior court, or probate
court of the county in which the domestic insurer or any corporation
controlling such insurer has its principal place of business may, on
such notice as the court deems appropriate, upon the application of the
domestic insurer, any corporation controlling such insurer or the
commissioner, seize or sequester any such securities owned directly or
indirectly by such person, and issue such orders with respect thereto as
may be appropriate to effectuate the provisions of this chapter.
Notwithstanding any other provision of law, for the purposes of this
chapter the situs of the ownership of the securities of domestic insurers
and corporations controlling such insurers shall be deemed to be in this
state.
(d) Violation of this chapter or any rule or order issued by the
commissioner under this chapter shall be deemed to be irreparable
harm for the purpose of obtaining any form of equitable relief.
Formerly: Acts 1971, P.L.387, SEC.1. As amended by Acts
1981, P.L.244, SEC.8; P.L.84-2016, SEC.117; P.L.136-2018,
SEC.167.