Indiana § 27-5.1-2-18 Unsafe business practice; insufficient assets; commissioner notice;
remedies; court proceedings; injunction; liquidation

Indiana Statutes

§ 27-5.1-2-18 — Unsafe business practice; insufficient assets; commissioner notice; remedies; court proceedings; injunction; liquidation

Indiana § 27-5.1-2-18

Title 27INSURANCE

Art. 5.1FARM MUTUAL INSURANCE COMPANIES

This text of Indiana § 27-5.1-2-18 (Unsafe business practice; insufficient assets; commissioner notice; remedies; court proceedings; injunction; liquidation) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-5.1-2-18 (2026).

Text

(a)If the commissioner determines from:

(1)a statement filed by a farm mutual insurance company;

(2)an examination under section 17 of this chapter; or

(3)other information obtained by the commissioner; that a farm mutual insurance company is conducting business in an unsafe manner or that a farm mutual insurance company's assets are insufficient to justify continuing the business, the commissioner shall send written notice of the commissioner's concerns regarding the farm mutual insurance company to the officers and directors of the farm mutual insurance company.

(b)Not more than thirty (30) days after receiving a notice under subsection (a), the farm mutual insurance company's officers and directors shall:

(1)remedy; or

(2)establish a plan to remedy; the commissioner's concerns. (

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(a) If the commissioner determines from:
(1) a statement filed by a farm mutual insurance company;
(2) an examination under section 17 of this chapter; or
(3) other information obtained by the commissioner;
that a farm mutual insurance company is conducting business in an
unsafe manner or that a farm mutual insurance company's assets are
insufficient to justify continuing the business, the commissioner shall
send written notice of the commissioner's concerns regarding the farm
mutual insurance company to the officers and directors of the farm
mutual insurance company.
(b) Not more than thirty (30) days after receiving a notice under
subsection (a), the farm mutual insurance company's officers and
directors shall:
(1) remedy; or
(2) establish a plan to remedy;
the commissioner's concerns.
(c) If:
(1) a farm mutual insurance company does not remedy or
establish a plan to remedy the commissioner's concerns under
subsection (b); or
(2) the commissioner determines that the continuation of a farm
mutual insurance company is not in the best interests of the farm
mutual insurance company's policyholders;
the commissioner shall institute proceedings in the Marion County
circuit court to enjoin the farm mutual insurance company from
conducting any further business transactions.
(d) If the commissioner seeks a permanent injunction against a farm
mutual insurance company under subsection (c), the commissioner
shall also institute proceedings to settle and wind up the affairs of the
farm mutual insurance company and liquidate and dissolve the farm
mutual insurance company, as provided in IC 27-9.