§ 27-6-10.1-1 — Purpose of chapter

Indiana § 27-6-10.1-1

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 6: REINSURANCE; INTERINSURANCE
• Ch. 10.1: Credit for Reinsurance

Text

(a) The purpose of this chapter is to protect
the interest of insureds, claimants, ceding insurers, assuming insurers,
and the public generally.
(b) The general assembly declares that its intent is to ensure
adequate regulation of insurers and reinsurers and adequate protection
for those to whom they owe obligations. In furtherance of that state
interest, the general assembly provides a mandate that upon the
insolvency of a non-U.S. insurer or reinsurer that provides security to
fund its U.S. obligations in accordance with this chapter, the assets
representing the security shall be maintained in the United States and
claims shall be filed with and valued by the state insurance
commissioner with regulatory oversight, and the assets shall be
distributed, in accordance with the insurance laws of the state in which
the trust is domiciled that are applicable to the liquidation of domestic
U.S. insurance companies.
(c) The general assembly declares that the matters contained in this
chapter are fundamental to the business of insurance in accordance
with 15 U.S.C. 1011 through 15 U.S.C. 1012.

Legislative History

As added by P.L.130-2020, SEC.12.