§ 27-1-36-43 — Action by commissioner after mandatory control level event with respect to property and casualty insurer

Indiana § 27-1-36-43

• 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 property and casualty insurer, the commissioner:
(1) shall take the actions necessary to place the insurer under
regulatory control under IC 27-9; or
(2) in the case of an insurer that is not writing business and that
is running off its existing business, may allow the insurer to
continue its run-off under the supervision of the commissioner.
(b) A mandatory control level event is sufficient grounds for the
commissioner to take action against a property and casualty insurer
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 property and casualty
insurer 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 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.