Indiana Statutes
§ 27-9-3-28 — Setoff of mutual debts or credits
(a)Mutual debts or mutual credits between
the insurer and another person in connection with any action or
proceeding under this article shall be set off and only the balance shall
be allowed or paid, except as provided in section 31(a) of this chapter.
(b)A setoff or counterclaim shall not be allowed in favor of any
person where:
(1)the obligation of the insurer to the person would not at the date
of the filing of a petition for liquidation entitle the person to share
as a claimant in the assets of the insurer;
(2)the obligation of the insurer to the person was purchased by or
transferred to the person with a view to its being used as a setoff;
or
(3)the obligation of the person is to pay an assessment levied
against the members or subscribers of the insurer, or is to pay a
balance up
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Nearby Sections
15
§ 27-1-1-1
Creation; functions§ 27-1-1-2
Insurance commissioner§ 27-1-1-3
Personnel§ 27-1-1-4
Repealed§ 27-1-1-5
Repealed§ 27-1-1.5-10
"Annual Statement Blank"§ 27-1-1.5-11
"Annual Statement Instructions"§ 27-1-1.5-12
"Current Dental Terminology"; "CDT"§ 27-1-1.5-13
"Current Procedural Terminology"; "CPT"§ 27-1-1.5-15
"Financial Analysis Handbook"§ 27-1-1.5-16
"Financial Condition Examiner's Handbook"§ 27-1-1.5-18
"Healthcare Common Procedure Coding System"; "HCPCS"