Indiana § 27-9-3-30.1 Reinsurance; method of payment upon liquidation

Indiana Statutes

§ 27-9-3-30.1 — Reinsurance; method of payment upon liquidation

Indiana § 27-9-3-30.1

Title 27INSURANCE

Art. 9SUPERVISION; REHABILITATION;

Ch. 3Formal Proceedings

This text of Indiana § 27-9-3-30.1 (Reinsurance; method of payment upon liquidation) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-9-3-30.1 (2026).

Text

1.

(a)Reinsurance must be payable under a contract reinsured by an assuming insurer on the basis of reported claims allowed in the liquidation proceedings, subject to court approval, without diminution because of the insolvency of the ceding insurer. Payments must be made directly to the ceding insurer or to the ceding insurer's domiciliary liquidator except when:

(1)the contract or other written agreement specifically provides another payee of the reinsurance in the event of the insolvency of the ceding insurer; or

(2)before the initiation of the insolvency proceedings, the assuming insurer, with the consent of the direct insured, has assumed the policy obligations of the ceding insurer as direct obligations of the assuming insurer to policy payees and in substitution for the obligatio

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1. (a) Reinsurance must be payable under a
contract reinsured by an assuming insurer on the basis of reported
claims allowed in the liquidation proceedings, subject to court
approval, without diminution because of the insolvency of the ceding
insurer. Payments must be made directly to the ceding insurer or to the
ceding insurer's domiciliary liquidator except when:
(1) the contract or other written agreement specifically provides
another payee of the reinsurance in the event of the insolvency of
the ceding insurer; or
(2) before the initiation of the insolvency proceedings, the
assuming insurer, with the consent of the direct insured, has
assumed the policy obligations of the ceding insurer as direct
obligations of the assuming insurer to policy payees and in
substitution for the obligations of the ceding insurer to the payees.
(b) During the pendency of a receivership proceeding, an assuming
insurer, with the consent of the direct insured and the receiver, subject
to court approval, may assume policy obligations of the ceding insurer
as direct obligations of the assuming insurer to the policy payees and
in substitution for the obligations of the ceding insurer to the payees.