Indiana § 27-6-8-9 Powers and duties of commissioner

Indiana Statutes

§ 27-6-8-9 — Powers and duties of commissioner

Indiana·Title 27 INSURANCE·Art. 6 REINSURANCE; INTERINSURANCE;·Ch. 8 Property and Casualty Insurance and Guaranty

(a)The commissioner shall:

(i)Notify the association of the existence of an insolvent insurer not later than three (3) working days after the commissioner receives an order of liquidation.

(ii)Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.

(b)The commissioner may:

(i)Require that the association notify the insureds of the insolvent insurer and any other interested parties of the order of liquidation and of their rights under this chapter. This notification shall be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation in all counties in which the insolvent insure

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(a) The commissioner shall:
(i) Notify the association of the existence of an insolvent insurer
not later than three (3) working days after the commissioner
receives an order of liquidation.
(ii) Upon request of the board of directors, provide the association
with a statement of the net direct written premiums of each
member insurer.
(b) The commissioner may:
(i) Require that the association notify the insureds of the insolvent
insurer and any other interested parties of the order of liquidation
and of their rights under this chapter. This notification shall be by
mail at their last known address, where available, but if sufficient
information for notification by mail is not available, notice by
publication in a newspaper of general circulation in all counties
in which the insolvent insurer transacted insurance business shall
be sufficient.
(ii) Require each insurance producer of the insolvent insurer to
give prompt written notice by first class mail of such insolvency
and the rights of the insured under this chapter to each insured of
the insolvent insurer for whom the insurance producer is
insurance producer of record, at such insured's last known
address.
(iii) Suspend or revoke, after notice and hearing, the certificate of
authority to transact insurance in this state of any member insurer
which fails to pay an assessment when due or fails to comply with
the plan of operation. As an alternative, the commissioner may
levy a fine on any member insurer which fails to pay an
assessment when due. The fine shall not exceed five percent (5%)
of the unpaid assessment per month, except that no fine shall be
less than one hundred dollars ($100) per month.
(iv) Revoke the designation of any servicing facility if the
commissioner finds claims are being handled unsatisfactorily.
(v) Any final action or order of the commissioner under this
chapter shall be subject to judicial review in a court of competent
jurisdiction.
Formerly: Acts 1971, P.L.390, SEC.1. As amended by
P.L.163-1988, SEC.4; P.L.178-2003, SEC.41.