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Indiana Code Title 27. Insurance § 27-8-8-8

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 8. (a) The commissioner shall do the following:

(1) Upon request of the board, provide the association with a statement of the premiums in Indiana and other appropriate states for each member insurer.

(2) When an impairment is declared and the amount of the impairment is determined, serve a demand on the impaired insurer to make good the impairment within a reasonable time.  Notice to the impaired insurer shall constitute notice to its shareholders.  The failure of the impaired insurer to promptly comply with the demand shall not excuse the association from the performance of its powers and duties under this chapter.

(3) In any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator or rehabilitator.

(b) The commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in Indiana of a member insurer that fails to pay an assessment when due or fails to comply with the plan of operation.  As an alternative, the commissioner may levy a forfeiture on a member insurer that fails to pay an assessment when due.  A forfeiture shall not exceed five percent (5%) of the unpaid assessment per month, but no forfeiture shall be less than one hundred dollars ($100) per month.

(c) A final action of the association or the board may be appealed to the commissioner by a member insurer if the appeal is taken within sixty (60) days of the member insurer's receipt of notice of the final action being appealed.  A final action or order of the commissioner is subject to judicial review in a court with jurisdiction in accordance with the Indiana law that applies to the actions or orders of the commissioner.

(d) The liquidator, rehabilitator, or conservator of an impaired insurer or insolvent insurer may notify all interested persons of the effect of this chapter.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-8-8-8 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-8-8-8/

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