Indiana § 27-1-3.1-16 Appointment of examiner; conflict of interest; support staff

Indiana Statutes

§ 27-1-3.1-16 — Appointment of examiner; conflict of interest; support staff

Indiana § 27-1-3.1-16

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 3.1Examinations

This text of Indiana § 27-1-3.1-16 (Appointment of examiner; conflict of interest; support staff) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-3.1-16 (2026).

Text

(a)No examiner may be appointed by the commissioner if that examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. However, this section does not automatically preclude an examiner from being:

(1)a policyholder or claimant under an insurance policy;

(2)a grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business;

(3)an investment owner in shares of regulated diversified investment companies; or

(4)a settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed.

(b)Notwithstanding the requirements of t

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(a) No examiner may be appointed by the
commissioner if that examiner, either directly or indirectly, has a
conflict of interest or is affiliated with the management of or owns a
pecuniary interest in any person subject to examination under this
chapter. However, this section does not automatically preclude an
examiner from being:
(1) a policyholder or claimant under an insurance policy;
(2) a grantor of a mortgage or similar instrument on the
examiner's residence to a regulated entity if done under customary
terms and in the ordinary course of business;
(3) an investment owner in shares of regulated diversified
investment companies; or
(4) a settlor or beneficiary of a "blind trust" into which any
otherwise impermissible holdings have been placed.
(b) Notwithstanding the requirements of this section, the
commissioner may periodically retain on an individual basis qualified
actuaries, certified public accountants, and other similar individuals
who are independently practicing their professions, even though those
persons may from time to time be similarly employed or retained by
persons subject to examination under this chapter.