Indiana § 27-9-4-3 Insurers domiciled in reciprocal states; title to property in Indiana;
filing of claims by Indiana residents

Indiana Statutes

§ 27-9-4-3 — Insurers domiciled in reciprocal states; title to property in Indiana; filing of claims by Indiana residents

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

(a)The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under section 4(c) of this chapter, be vested by operation of law with the title to all of the assets, property, contracts, and rights of action, insurance producers' balances, and all of the books, accounts, and other records of the insurer located in Indiana. The date of vesting shall be the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary liquidator shall have the immediate right to recover balances due from insurance producers and to ob

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(a) The domiciliary liquidator of an insurer
domiciled in a reciprocal state shall, except as to special deposits and
security on secured claims under section 4(c) of this chapter, be vested
by operation of law with the title to all of the assets, property, contracts,
and rights of action, insurance producers' balances, and all of the
books, accounts, and other records of the insurer located in Indiana.
The date of vesting shall be the date of the filing of the petition, if that
date is specified by the domiciliary law for the vesting of property in
the domiciliary state. Otherwise, the date of vesting shall be the date of
entry of the order directing possession to be taken. The domiciliary
liquidator shall have the immediate right to recover balances due from
insurance producers and to obtain possession of the books, accounts,
and other records of the insurer located in Indiana. The domiciliary
liquidator also shall have the right to recover all other assets of the
insurer located in Indiana, subject to section 4 of this chapter.
(b) If a domiciliary liquidator is appointed for an insurer not
domiciled in a reciprocal state, the commissioner shall be vested by
operation of law with the title to all of the property, contracts and rights
of action, and all of the books, accounts, and other records of the
insurer located in Indiana, at the same time that the domiciliary
liquidator is vested with title in the domicile. The Indiana insurance
commissioner may petition for a conservation or liquidation order
under section 1 or 2 of this chapter, or for an ancillary receivership
under section 4 of this chapter, or after approval by the Marion County
circuit court may transfer title to the domiciliary liquidator, as the
interests of justice and the equitable distribution of the assets require.
(c) Claimants residing in Indiana may file claims with the liquidator
or ancillary receiver, if any, in Indiana or with the domiciliary
liquidator, if the domiciliary law permits. The claims must be filed on
or before the last date fixed for the filing of claims in the domiciliary
liquidation proceedings.
As added by Acts 1979, P.L.255, SEC.1. Amended by
P.L.178-2003, SEC.79.

Indiana § 27-9-4-3 (Insurers domiciled in reciprocal states; title to property in Indiana; filing of claims by Indiana residents) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.