Indiana § 27-8-8-8 Powers and duties of commissioner; appeals to commissioner; notice
of effect of chapter

Indiana Statutes

§ 27-8-8-8 — Powers and duties of commissioner; appeals to commissioner; notice of effect of chapter

Indiana·Title 27 INSURANCE·Art. 8 LIFE, ACCIDENT, AND HEALTH·Ch. 8 Indiana Life and Health Insurance Guaranty Association

(a)The commissioner shall do the following:

(1)Upon request of the board, provide the association with a statement of the premiums in Indiana and other appropriate states for each member insurer.

(2)When an impairment is declared and the amount of the impairment is determined, serve a demand on the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders. The failure of the impaired insurer to promptly comply with the demand shall not excuse the association from the performance of its powers and duties under this chapter.

(3)In any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator or rehabilitator.

(b)The commissioner may suspend or revoke, after

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(a) The commissioner shall do the following:
(1) Upon request of the board, provide the association with a
statement of the premiums in Indiana and other appropriate states
for each member insurer.
(2) When an impairment is declared and the amount of the
impairment is determined, serve a demand on the impaired
insurer to make good the impairment within a reasonable time.
Notice to the impaired insurer shall constitute notice to its
shareholders. The failure of the impaired insurer to promptly
comply with the demand shall not excuse the association from the
performance of its powers and duties under this chapter.
(3) In any liquidation or rehabilitation proceeding involving a
domestic insurer, be appointed as the liquidator or rehabilitator.
(b) The commissioner may suspend or revoke, after notice and
hearing, the certificate of authority to transact insurance in Indiana of
a member insurer that fails to pay an assessment when due or fails to
comply with the plan of operation. As an alternative, the commissioner
may levy a forfeiture on a member insurer that fails to pay an
assessment when due. A forfeiture shall not exceed five percent (5%)
of the unpaid assessment per month, but no forfeiture shall be less than
one hundred dollars ($100) per month.
(c) A final action of the association or the board may be appealed to
the commissioner by a member insurer if the appeal is taken within
sixty (60) days of the member insurer's receipt of notice of the final
action being appealed. A final action or order of the commissioner is
subject to judicial review in a court with jurisdiction in accordance
with the Indiana law that applies to the actions or orders of the
commissioner.
(d) The liquidator, rehabilitator, or conservator of an impaired
insurer or insolvent insurer may notify all interested persons of the
effect of this chapter.
As added by Acts 1978, P.L.129, SEC.3. Amended by
P.L.193-2006, SEC.22; P.L.208-2018, SEC.20.

Indiana § 27-8-8-8 (Powers and duties of commissioner; appeals to commissioner; notice of effect of chapter) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.