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Current as of January 02, 2024 | Updated by Findlaw Staff
Sec. 13. (a) If approved by the commissioner, the following are considered to be and must be reported as admitted assets of a limited purpose subsidiary:
(1) Proceeds from a securitization, premiums, and other amounts payable by an affiliate to the limited purpose subsidiary.
(2) Letters of credit.
(3) Guarantees of the parent.
(4) Other assets.
(b) If the commissioner determines that the value of admitted assets that:
(1) were previously approved by the commissioner under subsection (a); and
(2) are not assets that are addressed by the Accounting Practices and Procedures Manual;
has decreased, the commissioner may require the limited purpose subsidiary to provide additional security or collateral.
(c) The commissioner shall, at least thirty (30) days before taking action under subsection (b):
(1) notify the limited purpose subsidiary of the action; and
(2) provide to the limited purpose subsidiary an opportunity to remedy the issues identified by the commissioner.
Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-12.1-13 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-12-1-13/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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