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Current as of January 02, 2024 | Updated by Findlaw Staff
Sec. 8. (a) The commissioner may issue a certificate of authority to a limited purpose subsidiary upon a finding by the commissioner of all of the following:
(1) That the proposed plan of operation provides for a viable operation of the limited purpose subsidiary.
(2) That the terms of all proposed reinsurance contracts and related transactions of the limited purpose subsidiary comply with this chapter and any other applicable insurance laws.
(3) That the proposed plan of operation is not hazardous to any ceding insurer.
(b) The commissioner may, in conjunction with the issuance of a certificate of authority to a limited purpose subsidiary, issue an order containing any terms or conditions applying to the limited purpose subsidiary's authority to engage in the business of reinsurance, including terms or conditions concerning the organization, licensing, or operation of the limited purpose subsidiary, consistent with this chapter and determined necessary by the commissioner.
(c) A limited purpose subsidiary shall produce or disclose its plan of operation, amendments, and records, books, documents, reports, and other information that the commissioner requires the limited purpose subsidiary to produce or disclose under:
(1) this chapter;
(2) rules adopted under section 15 of this chapter; or
(3) an order under IC 27-1-3.1.
(d) The commissioner has the powers enumerated in IC 27-1-3.1 with respect to a limited purpose subsidiary.
Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-12.1-8 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-12-1-8/
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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