Skip to main content
Find a Lawyer

Indiana Code Title 27. Insurance § 27-9-3.1-12

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

Sec. 12. Notwithstanding any other provision of this title to the contrary, a person may exercise any of the following:

(1) A contractual right to cause the termination, liquidation, acceleration, or close-out of obligations in connection with a netting agreement or qualified financial contract with an insurer due to:

(A) the insolvency, financial condition, or default of the insurer if the right is enforceable under applicable law other than this title;  or

(B) the commencement of a formal delinquency proceeding under IC 27-9-3.

(2) A right under:

(A) a pledge, security, collateral, reimbursement, guarantee agreement, or similar security agreement;  or

(B) an arrangement or credit enhancement relating to at least one (1) netting agreement or qualified financial contract.

(3) A right to set off or net out a termination value, payment amount, or other transfer obligation arising in connection with at least one (1) qualified financial contract in which the counterparty or the counterparty's guarantor is organized under the laws of:

(A) the United States;  or

(B) a state or foreign jurisdiction approved as eligible for netting by the Securities Valuation Office of the NAIC.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-9-3.1-12 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-9-3-1-12/

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.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard