Sec. 13. (a) If a counterparty to a netting agreement or qualified financial contract with an insurer that is subject to a proceeding under IC 27-9-3 terminates, liquidates, closes out, or accelerates the netting agreement or qualified financial contract, damages must be measured as of the date of termination, liquidation, close-out, or acceleration.

     (b) The amount of a claim for damages under subsection (a) is equal to the actual direct compensatory damages calculated in accordance with section 19 of this chapter.

As added by P.L.11-2011, SEC.36.

Terms Used In Indiana Code 27-9-3.1-13

  • actual direct compensatory damages: includes :

    Indiana Code 27-9-3.1-1

  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • netting agreement: means a new agreement that:

    Indiana Code 27-9-3.1-6

  • qualified financial contract: means a commodity contract, forward contract, repurchase agreement, securities contract, swap agreement, or a similar agreement, as determined by the commissioner. See Indiana Code 27-9-3.1-7
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