Indiana Code 27-1-36-50. Filing of RBC plan by foreign insurer
(1) an event that is:
Terms Used In Indiana Code 27-1-36-50
- authorized control level event: has the meaning set forth in section 39 of this chapter. See Indiana Code 27-1-36-3
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- company action level event: has the meaning set forth in section 29 of this chapter. See Indiana Code 27-1-36-5
- foreign insurer: means the following:
Indiana Code 27-1-36-9
- 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: includes :
Indiana Code 27-1-36-9.6
- 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
- Statute: A law passed by a legislature.
(B) a regulatory action level event; or
(C) an authorized control level event;
occurs with respect to a foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer (or, if no RBC statute is in force in that state, under this chapter); and
(2) the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC plan in the manner specified under that state’s RBC statute (or, if no RBC statute is in force in that state, under sections 31 through 35 of this chapter);
the commissioner may require the foreign insurer to file an RBC plan with the commissioner.
(b) In a situation described in subsection (a), the failure of the foreign insurer to file an RBC plan with the commissioner is grounds for the commissioner to order the insurer to cease and desist from writing new insurance business in Indiana.
As added by P.L.186-1996, SEC.1.