§ 27-1-40-8 — Insolvency proceedings

Indiana § 27-1-40-8

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 40: Entry of Unauthorized Alien Companies

Text

If the commissioner determines from a
quarterly or annual statement, a trusteed surplus statement, or another
report that a United States branch's trusteed surplus is less than:
(1) the minimum capital and surplus requirements; or
(2) the authorized control level risk based capital requirements;
whichever is greater, that apply to a domestic insurer granted a
certificate of authority to transact the same kind of insurance business
in Indiana, the commissioner may proceed under IC 27-9 against the
United States branch as if the United States branch were an insurer in
such condition that further transaction by the insurer of insurance
business in the United States would be hazardous to the insurer's
policyholders, creditors, or residents of the United States.

Legislative History

As added by P.L.173-2007, SEC.20.