§ 27-9-4-4 — Ancillary state receivers

(a) If a domiciliary liquidator has been
appointed for an insurer not domiciled in Indiana, the commissioner
may file a petition with the Marion County circuit court requesting
appointment as ancillary receiver in Indiana if:
(1) he finds that there are sufficient assets of the insurer located
in Indiana to justify the appointment of an ancillary receiver; and
(2) the protection of creditors or policyholders in Indiana requires
it.
(b) The Marion County circuit court may issue an order appointing
an ancillary receiver in whatever terms it considers appropriate. The
filing or recording of the order with the recorder of deeds in Indiana
imparts the same notice as a deed, bill of sale, or other evidence of title
duly filed or recorded with that recorder of deeds.
(c) When a domiciliary liquidator has been appointed in a reciprocal
state, then the ancillary receiver appointed in Indiana may, whenever
necessary, aid and assist the domiciliary liquidator in recovering assets
of the insurer located in Indiana. The ancillary receiver shall, as soon
as practicable, liquidate from their respective securities those special
deposit claims and secured claims which are proved and allowed in the
ancillary proceedings in Indiana, and shall pay the necessary expenses
of the proceedings. He shall promptly transfer all remaining assets,
books, accounts and records to the domiciliary liquidator. Subject to
this section, the ancillary receiver and his deputies shall have the same
powers and be subject to the same duties with respect to the
administration of assets as a liquidator of an insurer domiciled in
Indiana.
(d) When a domiciliary liquidator has been appointed in Indiana,
ancillary receivers appointed in reciprocal states shall have, as to assets
and books, accounts, and other records in their respective states,
corresponding rights, duties and powers to those provided in subsection
(c) for ancillary receivers appointed in Indiana.
As added by Acts 1979, P.L.255, SEC.1.