Indiana Code 27-14.5-4-6. Insurance commissioner findings upon which plan of reorganization may be disapproved
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Sec. 6. The commissioner shall approve a plan submitted under this article unless the commissioner makes at least one (1) of the following findings with respect to the plan:
(2) The financial position or management resources and capabilities of the applicant or its subsidiaries or affiliates warrant disapproval.
(1) Disapproval of the plan is necessary to prevent practices that will cause material financial impairment to the applicant or its subsidiaries.
Terms Used In Indiana Code 27-14.5-4-6
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
(3) The plan does not comply with this article.
(4) The proposed plan would not be fair and equitable to the members.
As added by P.L.226-2023, SEC.30.