Indiana § 27-9-4-1 Conservators for alien or foreign insurers; grounds for appointment;
procedure; order; termination

Indiana Statutes

§ 27-9-4-1 — Conservators for alien or foreign insurers; grounds for appointment; procedure; order; termination

Indiana·Title 27 INSURANCE·Art. 9 SUPERVISION; REHABILITATION;·Ch. 4 Interstate Relations

(a)If a domiciliary liquidator has not been appointed, the commissioner may apply to the Marion County circuit court by verified petition for an order directing him to act as conservator to conserve the property of an alien insurer not domiciled in Indiana or a foreign insurer on any one (1) or more of the following grounds:

(1)Any of the grounds stated in IC 27-9-3-1.

(2)That any part of its property has been sequestered by official action in any other state.

(3)That enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent.

(4)That its certificate of authority to do business in Indiana has been revoked or that none was ever issued.

(5)That there are residents of Indiana with outstanding claims or ou

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(a) If a domiciliary liquidator has not been
appointed, the commissioner may apply to the Marion County circuit
court by verified petition for an order directing him to act as
conservator to conserve the property of an alien insurer not domiciled
in Indiana or a foreign insurer on any one (1) or more of the following
grounds:
(1) Any of the grounds stated in IC 27-9-3-1.
(2) That any part of its property has been sequestered by official
action in any other state.
(3) That enough of its property has been sequestered in a foreign
country to give reasonable cause to fear that the insurer is or may
become insolvent.
(4) That its certificate of authority to do business in Indiana has
been revoked or that none was ever issued.
(5) That there are residents of Indiana with outstanding claims or
outstanding policies.
(b) When an order is sought under subsection (a), the Marion
County circuit court shall cause the insurer to be given a notice and a
time within which to respond to the request as is reasonable under the
circumstances.
(c) The Marion County circuit court may issue the order in whatever
terms the court considers appropriate. The filing or recording of the
order with the clerk of the Marion County circuit court or the recorder
of deeds of the county in which the principal business of the company
is located, shall impart the same notice as a deed, bill of sale, or other
evidence of title duly filed or recorded with that recorder of deeds
would have imparted.
(d) The conservator may at any time petition for and the Marion
County circuit court may grant an order under section 2 of this chapter
to liquidate assets of a foreign or alien insurer under conservation, or,
if appropriate, for an order under section 4 of this chapter to be
appointed ancillary receiver.
(e) The conservator may at any time petition the Marion County
circuit court for an order terminating conservation of an insurer. If the
court finds that the conservation is no longer necessary, the court shall
order the insurer be restored to possession of its property and the
control of its business. The court may also make such finding and issue
such order at any time upon motion of any interested party, but if that
motion is denied all costs shall be assessed against such party.
As added by Acts 1979, P.L.255, SEC.1.

Indiana § 27-9-4-1 (Conservators for alien or foreign insurers; grounds for appointment; procedure; order; termination) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.