Indiana § 27-6-8-11.5 High net worth insureds; financial information

Indiana Statutes

§ 27-6-8-11.5 — High net worth insureds; financial information

Indiana § 27-6-8-11.5

Title 27INSURANCE

Art. 6REINSURANCE; INTERINSURANCE;

Ch. 8Property and Casualty Insurance and Guaranty

This text of Indiana § 27-6-8-11.5 (High net worth insureds; financial information) 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 § 27-6-8-11.5 (2026).

Text

5.

(a)The association is not obligated to pay a first party claim by a high net worth insured described in section 4(a)(5)(A) of this chapter.

(b)The association has the right to recover from a high net worth insured described in section 4(a)(5)(B) of this chapter all amounts paid by the association to or on behalf of the high net worth insured, regardless of whether the amounts were paid for indemnity, defense, or otherwise.

(c)The association is not obligated to pay a claim that:

(1)would otherwise be a covered claim;

(2)is an obligation to or on behalf of a person who has a net worth greater than the net worth allowed by the insurance guaranty association law of the state of residence of the claimant at the time specified by the applicable law of the state of residence of the claim

Free access — add to your briefcase to read the full text and ask questions with AI

5. (a) The association is not obligated to pay
a first party claim by a high net worth insured described in section
4(a)(5)(A) of this chapter.
(b) The association has the right to recover from a high net worth
insured described in section 4(a)(5)(B) of this chapter all amounts paid
by the association to or on behalf of the high net worth insured,
regardless of whether the amounts were paid for indemnity, defense, or
otherwise.
(c) The association is not obligated to pay a claim that:
(1) would otherwise be a covered claim;
(2) is an obligation to or on behalf of a person who has a net
worth greater than the net worth allowed by the insurance
guaranty association law of the state of residence of the claimant
at the time specified by the applicable law of the state of
residence of the claimant; and
(3) has been denied by the association of the state of residence of
the claimant on the basis described in subdivision (2).
(d) The association shall establish reasonable procedures, subject to
the approval of the commissioner, for requesting financial information
from insureds:
(1) on a confidential basis; and
(2) in the application of this section.
(e) The procedures established under subsection (d) must provide
for sharing of the financial information obtained from insureds with:
(1) any other association that is similar to the association; and
(2) the liquidator for an insolvent insurer;
on the same confidential basis.
(f) If an insured refuses to provide financial information that is:
(1) requested under the procedures established under subsection
(d); and
(2) available;
the association may, until the time that the financial information is
provided to the association, consider the insured to be a high net worth
insured for purposes of subsections (a) and (b).
(g) In an action contesting the applicability of this section to an
insured that refuses to provide financial information under the
procedures established under subsection (d), the insured bears the
burden of proof concerning the insured's net worth at the relevant time.
If the insured fails to prove that the insured's net worth at the relevant
time was less than the applicable amount set forth in section 4(a)(5)(A)
or 4(a)(5)(B) of this chapter, the court shall award to the association the
association's full costs, expenses, and reasonable attorney's fees
incurred in contesting the claim.