Indiana Code 27-1-3.1-8. Procedure
(1) may conduct an examination under this chapter of any company as often as the commissioner, in the commissioner’s sole discretion, considers appropriate; and
Terms Used In Indiana Code 27-1-3.1-8
- commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-1-3.1-1
- company: means any person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who may otherwise be subject to the administrative, regulatory, or taxing authority of the commissioner. See Indiana Code 27-1-3.1-2
- department: refers to the department of insurance of Indiana. See Indiana Code 27-1-3.1-3
- examiner: means any individual or firm authorized by the commissioner to conduct an examination under this chapter. See Indiana Code 27-1-3.1-4
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurer: has the meaning set forth in IC 27-1-2-3. See Indiana Code 27-1-3.1-5
- person: means any individual, aggregation of individuals, trust, association, partnership, limited liability company, or corporation, or any affiliate of these entities. See Indiana Code 27-1-3.1-7
(b) In scheduling and determining the nature, scope, and frequency of the examinations, the commissioner shall consider such matters as the results of financial statement analyses and ratios, changes in management or ownership, actuarial opinions, reports of independent certified public accountants, and other criteria as set forth in the Financial Condition Examiner‘s Handbook and the Market Regulation Handbook, whichever is applicable.
(c) For purposes of completing an examination of any company under this chapter, the commissioner may examine or investigate any person, or the business of any person, in so far as such examination or investigation is, in the sole discretion of the commissioner, necessary or material to the examination of the company.
(d) In lieu of an examination under this chapter of any foreign or alien insurer licensed in Indiana, the commissioner may accept an examination report on such company as prepared by the insurance department of the company’s state of domicile or port-of-entry state until January 1, 1994. After January 1, 1994, those reports may only be accepted if:
(1) the insurance department that prepared the report was at the time of the examination accredited under the Financial Regulation Standards and Accreditation Program; or
(2) the examination is performed with the participation of one (1) or more examiners who are employed by an accredited State Insurance Department and who after a review of the examination work papers and report state under oath that the examination was performed in a manner consistent with the standards and procedures required by their insurance department.
As added by P.L.26-1991, SEC.5. Amended by P.L.1-1992, SEC.144; P.L.124-2018, SEC.4.