Indiana Code 27-1-36-42. Action by commissioner after mandatory control level event with respect to life or health insurer or fraternal benefit society
Current as of: 2023 | Check for updates
|
Other versions
Sec. 42. (a) If a mandatory control level event occurs with respect to a life insurer, a health insurer, or a fraternal benefit society, the commissioner shall take the actions necessary to place the insurer under regulatory control under IC 27-9.
(c) If the commissioner takes action against a life insurer, a health insurer, or a fraternal benefit society under an adjusted RBC report, the insurer is entitled to the protections of IC 27-9-2 pertaining to summary proceedings.
(b) A mandatory control level event is sufficient grounds for the commissioner to take action against a life insurer, a health insurer, or a fraternal benefit society under IC 27-9, and the commissioner has the rights, powers, and duties with respect to the insurer that are set forth in IC 27-9.
Terms Used In Indiana Code 27-1-36-42
- adjusted RBC report: means an RBC report that has been adjusted by the commissioner under section 28 of this chapter. See Indiana Code 27-1-36-2
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- fraternal benefit society: refers to a society (as defined in IC 27-11-1-11) that holds a certificate of authority issued under IC 27-11-4 or IC 27-11-8-5. See Indiana Code 27-1-36-9.2
- health insurer: means the following:
Indiana Code 27-1-36-9.3
- insurer: includes :
Indiana Code 27-1-36-9.6
- life insurer: means an insurer that makes one (1) or more of the types of insurance described in Class 1 of IC 27-1-5-1. See Indiana Code 27-1-36-10
- mandatory control level event: has the meaning set forth in section 41 of this chapter. See Indiana Code 27-1-36-11
- RBC: refers to risk based capital. See Indiana Code 27-1-36-16
(d) The commissioner may forego action under subsections (a) through (c) for not more than ninety (90) days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety (90) day period.
As added by P.L.186-1996, SEC.1. Amended by P.L.276-2013, SEC.27.