Indiana Code 27-1-23-5.1. Supervisory college
(1) Determine whether the insurer or affiliate is in compliance with this chapter.
Terms Used In Indiana Code 27-1-23-5.1
- Commissioner: means the insurance commissioner of this state. See Indiana Code 27-1-23-1
- domestic insurer: is a n insurer organized under the laws of this state. See Indiana Code 27-1-23-1
- Group wide supervisor: means the regulatory official who is:
Indiana Code 27-1-23-1
- insurance holding company system: consists of two (2) or more affiliated persons, one (1) or more of which is an insurer. See Indiana Code 27-1-23-1
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- 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.
- NAIC: refers to the National Association of Insurance Commissioners. See Indiana Code 27-1-23-1
- Supervisory college: means a temporary or permanent forum:
Indiana Code 27-1-23-1
(3) Examine the insurer or affiliate.
(b) The powers of the commissioner under subsection (a) include the following:
(1) Initiation of the establishment of the supervisory college.
(2) Clarification of the membership and participation of other supervisors in the supervisory college.
(3) Clarification of the functions of the supervisory college and the role of other regulators, including the establishment of a group wide supervisor.
(4) Coordination of the activities of the supervisory college, including planning meetings, supervisory activities, and information sharing procedures.
(5) Establishment of a crisis management plan.
(c) An insurer that is described in subsection (a) shall pay the commissioner’s reasonable expenses of participation in a supervisory college, including travel expenses. The commissioner may establish a regular assessment to the insurer for payment of the expenses.
(d) The commissioner may enter into agreements in accordance with the requirements that apply to an agreement entered into with the NAIC under section 6 of this chapter to specify the activities of the commissioner and other regulators participating in the supervisory college.
(e) This section does not delegate to a supervisory college a commissioner’s authority to regulate or supervise the insurer described in subsection (a) or the insurer’s affiliates within the commissioner’s jurisdiction.
As added by P.L.81-2012, SEC.17. Amended by P.L.72-2016, SEC.13.
Indiana Code 27-1-23.5-1. Application of chapter
As added by P.L.129-2014, SEC.8.