Sec. 32. (a) Not more than sixty (60) days after an insurer submits an RBC plan under section 31 of this chapter, the commissioner shall notify the insurer of whether the RBC plan:

(1) must be implemented; or

Terms Used In Indiana Code 27-1-36-32

  • Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
  • insurer: includes :

    Indiana Code 27-1-36-9.6

  • RBC: refers to risk based capital. See Indiana Code 27-1-36-16
  • RBC plan: means a comprehensive financial plan containing the elements specified in section 30 of this chapter. See Indiana Code 27-1-36-19
  • revised RBC plan: means the revised RBC plan that an insurer must prepare, with or without the commissioner's recommendation, if the commissioner rejects the insurer's previous RBC plan. See Indiana Code 27-1-36-23
(2) is unsatisfactory.

     (b) If the commissioner determines that an RBC plan is unsatisfactory, the notification to the insurer:

(1) must state the reasons for the determination; and

(2) may include revisions proposed by the commissioner that will render the RBC plan satisfactory.

     (c) Upon receiving a notification from the commissioner under subsection (b), the insurer shall prepare a revised RBC plan. The revised RBC plan may incorporate by reference any revisions proposed by the commissioner. The insurer shall submit the revised RBC plan to the commissioner:

(1) not more than forty-five (45) days after the insurer receives the notification under subsection (a)(2); or

(2) not more than forty-five (45) days after the insurer receives the notification from the commissioner that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer’s challenge.

As added by P.L.186-1996, SEC.1.

  Previous section
Next section  
 Chapter 36 Contents