Sec. 12. (a) The commissioner may examine and investigate the insurance activities of a person that the commissioner believes to be in violation of this chapter. A person examined or investigated under this section shall, upon reasonable notice from the commissioner, make the insurance related books and records of the person available to the commissioner.

     (b) In the case of an examination or investigation of a depository institution under subsection (a), the commissioner shall, before performing the examination or investigation:

Terms Used In Indiana Code 27-1-38-12

  • Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
  • depository institution: means a depository financial institution (as defined in IC 28-9-2-6). See Indiana Code 27-1-38-3
  • Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
  • person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
(1) notify the federal or state banking agency that regulates the depository institution that the commissioner intends to examine or investigate the depository institution; and

(2) advise the federal or state banking agency of the depository institution’s suspected violation of this section.

As added by P.L.130-2002, SEC.2.

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