Sec. 18. (a) If the commissioner determines from:
(1) a statement filed by a farm mutual insurance company;
(2) an examination under section 17 of this chapter; or
(3) other information obtained by the commissioner;
that a farm mutual insurance company is conducting business in an unsafe manner or that a farm mutual insurance company's assets are insufficient to justify continuing the business, the commissioner shall send written notice of the commissioner's concerns regarding the farm mutual insurance company to the officers and directors of the farm mutual insurance company.
(b) Not more than thirty (30) days after receiving a notice under subsection (a), the farm mutual insurance company's officers and directors shall:
(1) remedy; or
(2) establish a plan to remedy;
the commissioner's concerns.
(c) If:
(1) a farm mutual insurance company does not remedy or establish a plan to remedy the commissioner's concerns under subsection (b); or
(2) the commissioner determines that the continuation of a farm mutual insurance company is not in the best interests of the farm mutual insurance company's policyholders;
the commissioner shall institute proceedings in the Marion County circuit court to enjoin the farm mutual insurance company from conducting any further business transactions.
(d) If the commissioner seeks a permanent injunction against a farm mutual insurance company under subsection (c), the commissioner shall also institute proceedings to settle and wind up the affairs of the farm mutual insurance company and liquidate and dissolve the farm mutual insurance company, as provided in IC 27-9.
As added by P.L.129-2003, SEC.8.
Structure Indiana Code
Article 5.1. Farm Mutual Insurance Companies
Chapter 2. Farm Mutual Insurance Companies
27-5.1-2-0.1. Application of Certain Amendments to Chapter
27-5.1-2-2. Farm Mutual Insurance Companies Existing on June 30, 2003
27-5.1-2-3. Proposed Farm Mutual Insurance Companies; Application for Certificate of Authority
27-5.1-2-4. Proposed Farm Mutual Insurance Company Requirements for Certificate of Authority
27-5.1-2-6. Exclusion of Companies
27-5.1-2-7. Exemption From Indiana Insurance Laws
27-5.1-2-8. Application of Indiana Insurance Laws
27-5.1-2-9. Location of Insurance Business
27-5.1-2-10. Annual Policyholder Meeting
27-5.1-2-11. Board of Directors
27-5.1-2-12. Election of Director; Term of Office; Election of Officers; Annual Board Meeting
27-5.1-2-13. Articles of Incorporation; Amendment
27-5.1-2-14. Bylaws; Amendment
27-5.1-2-15. Commissioner Filing Fee
27-5.1-2-16. Form and Rate Filing File and Use; Commissioner Disapproval; Judicial Review
27-5.1-2-17. Commissioner Examination
27-5.1-2-19. Application for Coverage; Policyholder Status
27-5.1-2-20. Insurance Producers
27-5.1-2-21. Merger; Plan; Policyholder Notice
27-5.1-2-23. Merger Plan Performance; Surviving Company
27-5.1-2-24. Certificate of Merger
27-5.1-2-26. Violations of Law; Commissioner Orders
27-5.1-2-28. Willful Violation; Penalties
27-5.1-2-29. Notice of Intent to Waive Term of Policy, Right, or Defense
27-5.1-2-30. Premium Plus Assessment Basis; Policyholder Liability
27-5.1-2-31. Assessment Collection; Verification of Loss
27-5.1-2-32. Policyholder Failure to Pay Assessment
27-5.1-2-33. Policyholder Liability After Policy Termination
27-5.1-2-34. Notice of Premium Plus Assessment Policy; Civil Actions; Limitation
27-5.1-2-35. Payment of Losses and Judgments; Insufficient Funds; Assessments
27-5.1-2-36. Borrowing Funds; Assessment
27-5.1-2-37. Policy Cancellation; Notice
27-5.1-2-38. Discontinuation of Company
27-5.1-2-39. Misconduct; Penalty
27-5.1-2-40. Investment Gain; Policyholder Surplus
27-5.1-2-41. Election to Be Subject to Indiana Insurance Law
27-5.1-2-42. Exemption From Regulation