§ 27-9-3-41 — Settlement of claims; report of unresolved claims; action of court on report

Indiana § 27-9-3-41

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 9: SUPERVISION; REHABILITATION
• Ch. 3: Formal Proceedings

Text

(a) The liquidator shall review all claims duly
filed in the liquidation and shall make further investigation as the
liquidator considers necessary. The liquidator may compound,
compromise, or in any other manner negotiate the amount for which
claims will be recommended to the Marion County circuit court except
where the liquidator is required by law to accept claims as settled by
any person or organization, including any guaranty association or
foreign guaranty association. Unresolved disputes shall be determined
under section 37 of this chapter. As soon as practicable, the liquidator
shall present to the Marion County circuit court a report of the claims
against the insurer with the liquidator's recommendations. The report
must include the name and address of each claimant and the amount of
the claim finally recommended, if any. If the insurer has issued
annuities or life insurance policies, the liquidator shall report the
persons to whom, according to the records of the insurer, amounts are
owed as cash surrender values or other investment value and the
amounts owed.
(b) The Marion County circuit court may approve, disapprove, or
modify the report on claims by the liquidator. Reports that are not
modified by the court within a period of sixty (60) days following
submission by the liquidator shall be treated by the liquidator as
allowed claims, subject to later modification or to rulings made by the
court under section 37 of this chapter. A claim under a policy of
insurance may not be allowed for an amount in excess of the applicable
policy limits.
As added by Acts 1979, P.L.255, SEC.1. Amended by
P.L.137-2021, SEC.8.