Indiana Code 27-5.1-2-18. Unsafe business practice; insufficient assets; commissioner notice; remedies; court proceedings; injunction; liquidation
(1) a statement filed by a farm mutual insurance company;
Terms Used In Indiana Code 27-5.1-2-18
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
(3) other information obtained by the commissioner;
that a farm mutual insurance company is conducting business in an unsafe manner or that a farm mutual insurance company’s assets are insufficient to justify continuing the business, the commissioner shall send written notice of the commissioner’s concerns regarding the farm mutual insurance company to the officers and directors of the farm mutual insurance company.
(b) Not more than thirty (30) days after receiving a notice under subsection (a), the farm mutual insurance company’s officers and directors shall:
(1) remedy; or
(2) establish a plan to remedy;
the commissioner’s concerns.
(c) If:
(1) a farm mutual insurance company does not remedy or establish a plan to remedy the commissioner’s concerns under subsection (b); or
(2) the commissioner determines that the continuation of a farm mutual insurance company is not in the best interests of the farm mutual insurance company’s policyholders;
the commissioner shall institute proceedings in the Marion County circuit court to enjoin the farm mutual insurance company from conducting any further business transactions.
(d) If the commissioner seeks a permanent injunction against a farm mutual insurance company under subsection (c), the commissioner shall also institute proceedings to settle and wind up the affairs of the farm mutual insurance company and liquidate and dissolve the farm mutual insurance company, as provided in IC 27-9.
As added by P.L.129-2003, SEC.8.