Indiana § 27-8-2-2 Failure to pay amount specified; proceedings to close business

Indiana Statutes

§ 27-8-2-2 — Failure to pay amount specified; proceedings to close business

Indiana § 27-8-2-2

Title 27INSURANCE

Art. 8LIFE, ACCIDENT, AND HEALTH

Ch. 2Assessment Policy─Specified Payment

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Bluebook

Ind. Code § 27-8-2-2 (2026).

Text

Failure to pay the amount, whether in friendly
settlement or by judgment of court, within thirty (30) days of its
adjudication, shall constitute a forfeiture of the right of the delinquent
corporation to further continue in business in this state, in the case of
an insurance corporation of another state, and in the case of an
insurance corporation of this state, it shall be the duty of the insurance
commissioner to report the facts to the attorney general, who shall
immediately bring suit to close up the business of the delinquent
corporation. Nothing in this chapter shall be construed as affecting any
organization doing business under IC 27-11.
Formerly: Acts 1901, c.214, s.2. As amended by P.L.252-1985,
SEC.274; P.L.3-1990, SEC.98.

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Failure to pay the amount, whether in friendly
settlement or by judgment of court, within thirty (30) days of its
adjudication, shall constitute a forfeiture of the right of the delinquent
corporation to further continue in business in this state, in the case of
an insurance corporation of another state, and in the case of an
insurance corporation of this state, it shall be the duty of the insurance
commissioner to report the facts to the attorney general, who shall
immediately bring suit to close up the business of the delinquent
corporation. Nothing in this chapter shall be construed as affecting any
organization doing business under IC 27-11.
Formerly: Acts 1901, c.214, s.2. As amended by P.L.252-1985,
SEC.274; P.L.3-1990, SEC.98.