Indiana § 27-9-3-6 Basis for liquidation

Indiana Statutes

§ 27-9-3-6 — Basis for liquidation

Indiana·Title 27 INSURANCE·Art. 9 SUPERVISION; REHABILITATION;·Ch. 3 Formal Proceedings

The commissioner may petition the Marion County circuit court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in Indiana on the basis:

(1)of any ground for an order of rehabilitation as specified in section 1 of this chapter, whether or not there has been a prior order directing the rehabilitation of the insurer;

(2)that the insurer is insolvent; or

(3)that the insurer is in such a condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public. As added by Acts 1979, P.L.255, SEC.1.

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The commissioner may petition the Marion
County circuit court for an order directing him to liquidate a domestic
insurer or an alien insurer domiciled in Indiana on the basis:
(1) of any ground for an order of rehabilitation as specified in
section 1 of this chapter, whether or not there has been a prior
order directing the rehabilitation of the insurer;
(2) that the insurer is insolvent; or
(3) that the insurer is in such a condition that the further
transaction of business would be hazardous, financially or
otherwise, to its policyholders, its creditors, or the public.
As added by Acts 1979, P.L.255, SEC.1.

Indiana § 27-9-3-6 (Basis for liquidation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.