Indiana § 27-11-8-7 Noncompliance by foreign or alien society; suspension, revocation, or
refusal of license

Indiana Statutes

§ 27-11-8-7 — Noncompliance by foreign or alien society; suspension, revocation, or refusal of license

Indiana·Title 27 INSURANCE·Art. 11 FRATERNAL BENEFIT SOCIETIES·Ch. 8 Regulation

(a)When the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in Indiana:

(1)has exceeded its powers;

(2)has failed to comply with any of the provisions of this chapter;

(3)is not fulfilling its contracts in good faith; or

(4)is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public; the commissioner shall in writing notify the society of the deficiency or deficiencies, state the reasons for the commissioner's dissatisfaction, and require that the deficiency or deficiencies that exist be corrected.

(b)After the notice, the society shall have thirty (30) days in which to comply with the commissioner's request for correction, and, if the society fails to comply, the commiss

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(a) When the commissioner upon investigation
finds that a foreign or alien society transacting or applying to transact
business in Indiana:
(1) has exceeded its powers;
(2) has failed to comply with any of the provisions of this chapter;
(3) is not fulfilling its contracts in good faith; or
(4) is conducting its business fraudulently or in a manner
hazardous to its members or creditors or the public;
the commissioner shall in writing notify the society of the deficiency
or deficiencies, state the reasons for the commissioner's dissatisfaction,
and require that the deficiency or deficiencies that exist be corrected.
(b) After the notice, the society shall have thirty (30) days in which
to comply with the commissioner's request for correction, and, if the
society fails to comply, the commissioner shall notify the society of the
findings of noncompliance and require the society to show cause on a
date named why its license should not be suspended, revoked, or
refused. If on that date the society does not present good and sufficient
reason why its authority to do business in Indiana should not be
suspended, revoked, or refused, the commissioner may suspend or
refuse the license of the society to do business in Indiana until
satisfactory evidence is furnished to the commissioner that the
suspension or refusal should be withdrawn, or the commissioner may
revoke the authority of the society to do business in Indiana.
(c) Nothing contained in this section shall be taken or construed as
preventing any society from continuing in good faith all contracts made
in Indiana during the time the society was legally authorized to transact
business in Indiana.

Indiana § 27-11-8-7 (Noncompliance by foreign or alien society; suspension, revocation, or refusal of license) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.