§ 27-8-3-17 — Visitation and inspection; insolvency or improper business practices; report; order to show cause for termination of business

All corporations, associations, and societies
to which this chapter is applicable, with their books, papers, and
vouchers, shall be subject to visitation and inspection by the insurance
commissioner or such person as he may designate, at the expense of
said association. The commissioner may address any inquiries to such
corporation, association, or society, in relation to its doings or
condition, or any other matter connected with its transactions relative
to the business contemplated by this chapter. All officers of such
corporation, association, or society shall promptly reply in writing to all
such inquiries, under the oath of its president, secretary, or other
officers, if required. When the commissioner on investigation, shall be
satisfied that any corporation, association, or society, organized under
the laws of this state, doing business in this state of the character
defined in this chapter, is insolvent because of matured death claims or
other obligations due and unpaid, exceeding its assets and death
assessments or periodical payments, called or in process of collection,
or has exceeded its powers, failed to comply with any provision of law,
or is conducting business fraudulently, he shall report the facts to the
attorney general, who, if he shall be of the opinion that the facts require
such action, may thereupon apply to any court having jurisdiction
thereof, within the county in which the principal office of such
corporation, association, or society in this state is located, for an order
requiring the officers of such corporation, association, or society to
show cause, at a reasonable time and place within such county, why
such corporation, association, or society should not be restrained from
continuing to transact business, with power to the court to adjourn the
hearing thereon from time to time, not exceeding sixty (60) days in all.
Formerly: Acts 1897, c.195, s.17. As amended by P.L.252-1985,
SEC.288.