Sec. 8. (a) The commissioner shall do the following:
(1) Upon request of the board, provide the association with a statement of the premiums in Indiana and other appropriate states for each member insurer.
(2) When an impairment is declared and the amount of the impairment is determined, serve a demand on the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders. The failure of the impaired insurer to promptly comply with the demand shall not excuse the association from the performance of its powers and duties under this chapter.
(3) In any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator or rehabilitator.
(b) The commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in Indiana of a member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a forfeiture on a member insurer that fails to pay an assessment when due. A forfeiture shall not exceed five percent (5%) of the unpaid assessment per month, but no forfeiture shall be less than one hundred dollars ($100) per month.
(c) A final action of the association or the board may be appealed to the commissioner by a member insurer if the appeal is taken within sixty (60) days of the member insurer's receipt of notice of the final action being appealed. A final action or order of the commissioner is subject to judicial review in a court with jurisdiction in accordance with the Indiana law that applies to the actions or orders of the commissioner.
(d) The liquidator, rehabilitator, or conservator of an impaired insurer or insolvent insurer may notify all interested persons of the effect of this chapter.
As added by Acts 1978, P.L.129, SEC.3. Amended by P.L.193-2006, SEC.22; P.L.208-2018, SEC.20.
Structure Indiana Code
Article 8. Life, Accident, and Health
Chapter 8. Indiana Life and Health Insurance Guaranty Association Law
27-8-8-0.3. Coverage Obligations Affected by Statutory Amendments; Governing Law
27-8-8-2.1. Policy, Contract, Rider Descriptions; Plan Sponsor; Residency
27-8-8-2.3. Coverage Provided; Exclusions; Limitations
27-8-8-3. Creation of Association; Membership; Accounts; Supervision
27-8-8-5. Impaired Insurers; Insolvent Insurers; Liens; Association Powers and Duties
27-8-8-5.4. Association Obligations to Person Entitled to Coverage
27-8-8-5.5. Venue; Appeal Bond
27-8-8-6.2. Member Protesting Assessment
27-8-8-6.5. Association Requests for Information
27-8-8-7. Association Plan of Operation
27-8-8-8. Powers and Duties of Commissioner; Appeals to Commissioner; Notice of Effect of Chapter
27-8-8-11. Distributions to Affiliates; Recovery
27-8-8-12. Examination and Regulation of Association; Financial Report
27-8-8-13. Association Tax and Fee Exemption
27-8-8-14. Liability for Performance Under Chapter
27-8-8-15. Insolvent Insurer Proceedings; Stay; Setting Aside Judgment
27-8-8-16. Recoupment of Assessments
27-8-8-16.2. Premium Surcharge or Assignment in Lieu of Credit
27-8-8-17. Refunds From Association
27-8-8-18. Advertising Referring to Association; Association Summary Document