Sec. 22. (a) A risk retention group that is not chartered in Indiana and that is doing business in Indiana shall comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by a state commissioner if there has been a finding of financial impairment after an examination under section 17 of this chapter.

     (b) A risk retention group that violates any provision of this chapter is subject to fines and penalties, including revocation of its right to do business in Indiana, that are applicable to licensed insurers generally.

Terms Used In Indiana Code 27-7-10-22

  • commissioner: means :

    Indiana Code 27-7-10-1

  • risk retention group: includes a corporation or limited liability association described in subsection (a)(3)(B):

    Indiana Code 27-7-10-11

  • state: means any state of the United States or the District of Columbia. See Indiana Code 27-7-10-12
     (c) In addition to complying with the other requirements of sections 14 through 22 of this chapter, a risk retention group operating in Indiana before April 1, 1988, shall, before May 1, 1988, comply with section 14(a) of this chapter.

As added by P.L.162-1988, SEC.2.

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