§ 27-1-36-50 — Filing of RBC plan by foreign insurer

Indiana § 27-1-36-50

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

Text

(a) If:
(1) an event that is:
(A) a company action level event;
(B) a regulatory action level event; or
(C) an authorized control level event;
occurs with respect to a foreign insurer as determined under the
RBC statute applicable in the state of domicile of the insurer (or,
if no RBC statute is in force in that state, under this chapter); and
(2) the insurance commissioner of the state of domicile of the
foreign insurer fails to require the foreign insurer to file an RBC
plan in the manner specified under that state's RBC statute (or, if
no RBC statute is in force in that state, under sections 31 through
35 of this chapter);
the commissioner may require the foreign insurer to file an RBC plan
with the commissioner.
(b) In a situation described in subsection (a), the failure of the
foreign insurer to file an RBC plan with the commissioner is grounds
for the commissioner to order the insurer to cease and desist from
writing new insurance business in Indiana.

Legislative History

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