Indiana Code 27-1-12.1-13. Admitted assets
(1) Proceeds from a securitization, premiums, and other amounts payable by an affiliate to the limited purpose subsidiary.
Terms Used In Indiana Code 27-1-12.1-13
- affiliate: means a domestic life insurance company that is a wholly owned subsidiary of the parent of a limited purpose subsidiary. See Indiana Code 27-1-12.1-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- limited purpose subsidiary: means a subsidiary life insurance company that is organized under this chapter. See Indiana Code 27-1-12.1-2
- parent: means a person that through at least one (1) intermediary wholly owns a limited purpose subsidiary. See Indiana Code 27-1-12.1-4
(3) Guarantees of the parent.
(4) Other assets.
(b) If the commissioner determines that the value of admitted assets that:
(1) were previously approved by the commissioner under subsection (a); and
(2) are not assets that are addressed by the Accounting Practices and Procedures Manual;
has decreased, the commissioner may require the limited purpose subsidiary to provide additional security or collateral.
(c) The commissioner shall, at least thirty (30) days before taking action under subsection (b):
(1) notify the limited purpose subsidiary of the action; and
(2) provide to the limited purpose subsidiary an opportunity to remedy the issues identified by the commissioner.
As added by P.L.11-2011, SEC.7. Amended by P.L.115-2011, SEC.4; P.L.124-2018, SEC.18.