Indiana Code 27-1-36-36. Action by commissioner after regulatory action level event
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Sec. 36. If a regulatory action level event occurs, the commissioner shall:
(2) perform such examination or analysis as the commissioner considers necessary of the assets, liabilities, and operations of the insurer, including a review of the insurer’s RBC plan or revised RBC plan; and
(1) require the insurer to prepare an RBC plan or, if applicable, a revised RBC plan;
Terms Used In Indiana Code 27-1-36-36
- 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
- corrective order: means an order issued by the commissioner that specifies the corrective actions that the commissioner determines are required. See Indiana Code 27-1-36-7
- insurer: includes :
Indiana Code 27-1-36-9.6
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- RBC: refers to risk based capital. See Indiana Code 27-1-36-16
- RBC plan: means a comprehensive financial plan containing the elements specified in section 30 of this chapter. See Indiana Code 27-1-36-19
- regulatory action level event: has the meaning set forth in section 35 of this chapter. See Indiana Code 27-1-36-21
- revised RBC plan: means the revised RBC plan that an insurer must prepare, with or without the commissioner's recommendation, if the commissioner rejects the insurer's previous RBC plan. See Indiana Code 27-1-36-23
(3) after the examination or analysis, issue a corrective order specifying the corrective actions that the commissioner determines are required, taking into account relevant factors with respect to the insurer, based upon the commissioner’s examination or analysis of the assets, liabilities, and operations of the insurer, including the results of any sensitivity tests undertaken under the RBC instructions.
As added by P.L.186-1996, SEC.1.