Sec. 25. If an insurer shall, directly or indirectly:

(1) within four (4) months before the filing of a successful petition for liquidation under IC 27-9; or

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Terms Used In Indiana Code 27-9-3-25

  • Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) at any time in contemplation of a proceeding to liquidate it;

pay money or transfer property to an attorney for services, the transaction may be examined by the court on its own motion or shall be examined by the court on petition of the liquidator and shall be held valid only to the extent of a reasonable amount to be determined by the court. The excess may be recovered by the liquidator for the benefit of the estate. However, where the attorney is in a position of influence in the insurer or an affiliate of the insurer payment of any money or the transfer of any property to the attorney for services is governed by section 16(b)(4) of this chapter.

As added by Acts 1979, P.L.255, SEC.1.

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