Indiana Code 27-6-8-10. Effect of paid claims
(b) The receiver, liquidator, or statutory successor of an insolvent insurer shall be bound by settlements of covered claims by the association or a similar organization in another state functioning pursuant to IC 27-6-8-8(d). The court having jurisdiction shall grant such claims priority equal to that which the claimant would have been entitled in the absence of this chapter against the assets of the insolvent insurer. The expenses of the association or similar organization in handling claims shall be accorded the same priority as the liquidator’s expenses.
Terms Used In Indiana Code 27-6-8-10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- association: means the Indiana Insurance Guaranty Association created by section 5 of this chapter. See Indiana Code 27-6-8-4
- insolvent insurer: means (a) a member insurer holding a valid certificate of authority to transact insurance in this state either at the time the policy was issued or when the insured event occurred and (b) against whom a final order of liquidation, with a finding of insolvency, to which there is no further right of appeal, has been entered by a court of competent jurisdiction in the company's state of domicile. See Indiana Code 27-6-8-4
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: means an individual, an aggregation of individuals, a corporation, a partnership, or another entity. See Indiana Code 27-6-8-4
(d) The association shall have a right to recover from the insurance producer of record any part of the paid claim for unearned premium that represents unearned commission to the insurance producer.
Formerly: Acts 1971, P.L.390, SEC.1. As amended by Acts 1977, P.L.281, SEC.7; P.L.178-2003, SEC.42.