Indiana § 27-1-3.1-8 Procedure

Indiana Statutes

§ 27-1-3.1-8 — Procedure

Indiana § 27-1-3.1-8

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 3.1Examinations

This text of Indiana § 27-1-3.1-8 (Procedure) 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 § 27-1-3.1-8 (2026).

Text

(a)The commissioner or any of the commissioner's examiners:

(1)may conduct an examination under this chapter of any company as often as the commissioner, in the commissioner's sole discretion, considers appropriate; and

(2)shall, at a minimum, conduct an examination of every insurer licensed in Indiana at least once every five (5) years.

(b)In scheduling and determining the nature, scope, and frequency of the examinations, the commissioner shall consider such matters as the results of financial statement analyses and ratios, changes in management or ownership, actuarial opinions, reports of independent certified public accountants, and other criteria as set forth in the Financial Condition Examiner's Handbook and the Market Regulation Handbook, whichever is applicable.

(c)For purposes

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(a) The commissioner or any of the
commissioner's examiners:
(1) may conduct an examination under this chapter of any
company as often as the commissioner, in the commissioner's sole
discretion, considers appropriate; and
(2) shall, at a minimum, conduct an examination of every insurer
licensed in Indiana at least once every five (5) years.
(b) In scheduling and determining the nature, scope, and frequency
of the examinations, the commissioner shall consider such matters as
the results of financial statement analyses and ratios, changes in
management or ownership, actuarial opinions, reports of independent
certified public accountants, and other criteria as set forth in the
Financial Condition Examiner's Handbook and the Market Regulation
Handbook, whichever is applicable.
(c) For purposes of completing an examination of any company
under this chapter, the commissioner may examine or investigate any
person, or the business of any person, in so far as such examination or
investigation is, in the sole discretion of the commissioner, necessary
or material to the examination of the company.
(d) In lieu of an examination under this chapter of any foreign or
alien insurer licensed in Indiana, the commissioner may accept an
examination report on such company as prepared by the insurance
department of the company's state of domicile or port-of-entry state
until January 1, 1994. After January 1, 1994, those reports may only be
accepted if:
(1) the insurance department that prepared the report was at the
time of the examination accredited under the Financial Regulation
Standards and Accreditation Program; or
(2) the examination is performed with the participation of one (1)
or more examiners who are employed by an accredited State
Insurance Department and who after a review of the examination
work papers and report state under oath that the examination was
performed in a manner consistent with the standards and
procedures required by their insurance department.