§ 27-1-36-40 — Action by commissioner after authorized control level event

Indiana § 27-1-36-40

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 36: Risk Based Capital Requirements

Text

(a) If an authorized control level event
occurs with respect to an insurer, the commissioner shall:
(1) take the actions required under section 36 of this chapter
regarding an insurer; or
(2) if the commissioner considers it to be in the best interests of:
(A) the policyholders and creditors of the insurer; and
(B) the public;
take any action necessary to cause the insurer to be placed under
regulatory control under IC 27-9.
(b) An authorized control level event is sufficient grounds for the
commissioner to:
(1) determine, under IC 27-9-2-1, that an insurer has committed
or engaged in, or is about to commit or engage in, an act, a
practice, or a transaction that would subject the insurer to a
delinquency proceeding under IC 27-9-3-1 or IC 27-9-3-6; and
(2) serve upon the insurer, under IC 27-9-2-1, orders reasonably
necessary to correct, eliminate, or remedy the conduct, condition,
or ground.
The commissioner has the rights, powers, and duties with respect to the
insurer that are set forth in IC 27-9.
(c) If the commissioner takes action under subsection (a)(2), the
insurer is entitled to the protections of IC 27-9-2 pertaining to summary
proceedings.

Legislative History

As added by P.L.186-1996, SEC.1.