Indiana Code 27-9-3.1-15. Transfers by receiver
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Sec. 15. In making a transfer of a netting agreement or qualified financial contract of an insurer that is subject to a proceeding under IC 27-9-3, the receiver shall either:
(A) all rights and obligations of each party; and
(1) transfer to one (1) party, other than an insurer subject to a proceeding under IC 27-9-3, all netting agreements and qualified financial contracts between a counterparty or an affiliate of a counterparty and the insurer that is the subject of the proceeding, including:
Terms Used In Indiana Code 27-9-3.1-15
- Contract: A legal written agreement that becomes binding when signed.
- netting agreement: means a new agreement that:
Indiana Code 27-9-3.1-6
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- 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
(B) all property, including guarantees or credit enhancements, that secures claims of each party;
under each netting agreement and qualified financial contract; or
(2) transfer none of the netting agreements, qualified financial contracts, rights, obligations, or property referred to in subdivision (1) with respect to a counterparty or an affiliate of a counterparty.
As added by P.L.11-2011, SEC.36.