Indiana Code 27-1-36-43. Action by commissioner after mandatory control level event with respect to property and casualty insurer
(1) shall take the actions necessary to place the insurer under regulatory control under IC 27-9; or
Terms Used In Indiana Code 27-1-36-43
- adjusted RBC report: means an RBC report that has been adjusted by the commissioner under section 28 of this chapter. See Indiana Code 27-1-36-2
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- insurer: includes :
Indiana Code 27-1-36-9.6
- mandatory control level event: has the meaning set forth in section 41 of this chapter. See Indiana Code 27-1-36-11
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- property and casualty insurer: means an insurer that is authorized to make one (1) or more of the types of insurance described in Class 2 and Class 3 of IC 27-1-5-1. See Indiana Code 27-1-36-15
- RBC: refers to risk based capital. See Indiana Code 27-1-36-16
(b) A mandatory control level event is sufficient grounds for the commissioner to take action against a property and casualty insurer under IC 27-9, and the commissioner has the rights, powers, and duties with respect to the insurer that are set forth in IC 27-9.
(c) If the commissioner takes action against a property and casualty insurer under an adjusted RBC report, the insurer is entitled to the protections of IC 27-9-2 pertaining to summary proceedings.
(d) The commissioner may forego action for not more than ninety (90) days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety (90) day period.
As added by P.L.186-1996, SEC.1.