Sec. 43. (a) If a mandatory control level event occurs with respect to a property and casualty insurer, the commissioner:

(1) shall take the actions necessary to place the insurer under regulatory control under IC 27-9; or

Terms Used In Indiana Code 27-1-36-43

  • 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
  • insurer: includes :

    Indiana Code 27-1-36-9.6

  • mandatory control level event: has the meaning set forth in section 41 of this chapter. See Indiana Code 27-1-36-11
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • property and casualty insurer: means an insurer that is authorized to make one (1) or more of the types of insurance described in Class 2 and Class 3 of IC 27-1-5-1. See Indiana Code 27-1-36-15
  • RBC: refers to risk based capital. See Indiana Code 27-1-36-16
(2) in the case of an insurer that is not writing business and that is running off its existing business, may allow the insurer to continue its run-off under the supervision of the commissioner.

     (b) A mandatory control level event is sufficient grounds for the commissioner to take action against a property and casualty insurer 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.

     (c) If the commissioner takes action against a property and casualty insurer under an adjusted RBC report, the insurer is entitled to the protections of IC 27-9-2 pertaining to summary proceedings.

     (d) The commissioner may forego action 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.