§ 27-1-36-42 — Action by commissioner after mandatory control level event with respect to life or health insurer or fraternal benefit society

Indiana § 27-1-36-42

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

Text

(a) If a mandatory control level event occurs
with respect to a life insurer, a health insurer, or a fraternal benefit
society, the commissioner shall take the actions necessary to place the
insurer under regulatory control under IC 27-9.
(b) A mandatory control level event is sufficient grounds for the
commissioner to take action against a life insurer, a health insurer, or
a fraternal benefit society under IC 27-9, and 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 against a life insurer, a health
insurer, or a fraternal benefit society under an adjusted RBC report, the
insurer is entitled to the protections of IC 27-9-2 pertaining to summary
proceedings.
(d) The commissioner may forego action under subsections (a)
through (c) for not more than ninety (90) days after the mandatory
control level event if the commissioner finds there is a reasonable
expectation that the mandatory control level event may be eliminated
within the ninety (90) day period.

Legislative History

As added by P.L.186-1996, SEC.1. Amended by P.L.276-2013, SEC.27.