Indiana § 27-1-36-51 Liquidation of property of foreign insurer

Indiana Statutes

§ 27-1-36-51 — Liquidation of property of foreign insurer

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 36 Risk Based Capital Requirements

If:

(1)a mandatory control level event occurs with respect to a foreign insurer; and

(2)no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer; the commissioner may apply to the Marion County circuit court with respect to the liquidation of property of the foreign insurer that is found in Indiana. The occurrence of the mandatory control level event is adequate grounds for the application.

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If:
(1) a mandatory control level event occurs with respect to a
foreign insurer; and
(2) no domiciliary receiver has been appointed with respect to the
foreign insurer under the rehabilitation and liquidation statute
applicable in the state of domicile of the foreign insurer;
the commissioner may apply to the Marion County circuit court with
respect to the liquidation of property of the foreign insurer that is found
in Indiana. The occurrence of the mandatory control level event is
adequate grounds for the application.

Indiana § 27-1-36-51 (Liquidation of property of foreign insurer) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.