Indiana Code
Chapter 3. Formal Proceedings
27-9-3-2. Order to Rehabilitate Insurer

Sec. 2. (a) An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in Indiana, must:
(1) Appoint the commissioner and his successors in office as the rehabilitator.
(2) Direct the rehabilitator to take possession of the assets of the insurer as soon as possible, and to administer them under the general supervision of the Marion County circuit court.
(b) The filing or recording of the order with the clerk of the Marion County circuit court or recorder of deeds of the county in which the principal business of the company is conducted, or the county in which its principal office or place of business is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds would have imparted. The order to rehabilitate the insurer shall by operation of law vest title to all assets of the insurer in the rehabilitator.
(c) An order issued under this section must require accounting by the rehabilitator to the Marion County circuit court. Accountings shall be at intervals as the Marion County circuit court specifies in its order.
(d) Entry of an order of rehabilitation does not constitute an anticipatory breach of any contracts of the insurer.
As added by Acts 1979, P.L.255, SEC.1.

Structure Indiana Code

Indiana Code

Title 27. Insurance

Article 9. Supervision; Rehabilitation; Liquidation

Chapter 3. Formal Proceedings

27-9-3-0.1. Application of Certain Amendments to Chapter

27-9-3-1. Petition to Rehabilitate Insurer

27-9-3-2. Order to Rehabilitate Insurer

27-9-3-3. Rehabilitator; Personnel; Term; Compensation; Powers; Plan

27-9-3-4. Pending Actions; Protection of Insurer After Rehabilitation Order

27-9-3-5. Petition for Liquidation; Termination of Rehabilitation

27-9-3-6. Basis for Liquidation

27-9-3-7. Order to Liquidate; Content; Effect; Declaration of Insolvency; Accounting

27-9-3-8. Termination of Insurance Coverage

27-9-3-9. Dissolution of Corporate Existence; Authorized Acts of Liquidator

27-9-3-10. Notice of Liquidation by Liquidator

27-9-3-11. Notice of Liquidation by Insurance Producers to Policyholders

27-9-3-12. Actions After Liquidation Orders

27-9-3-13. Listing of Assets

27-9-3-14. Transfers Made or Obligations Incurred as Fraudulent

27-9-3-15. Transfers After Petition; Validity

27-9-3-16. Preferences

27-9-3-17. Transfers; Time Perfected

27-9-3-18. Liens

27-9-3-19. Transfers on Account of New and Contemporaneous Consideration

27-9-3-20. Liens Dissolved by Furnishing Bond; Effect of Voidable Lien

27-9-3-21. Discharge From Voidable Lien

27-9-3-22. Jurisdiction of Marion County Circuit Court Under This Chapter

27-9-3-23. Discharge of Surety Under Releasing Bond

27-9-3-24. Extension of Unsecured Credit by Preferred Creditor

27-9-3-25. Payment to Attorney for Services

27-9-3-26. Personal Liability Relating to Improper Preferences

27-9-3-27. Claims by Creditors Holding Voidable Preferences

27-9-3-28. Setoff of Mutual Debts or Credits

27-9-3-29. Liquidator's Report; Assessment of Members

27-9-3-30. Repealed

27-9-3-30.1. Reinsurance; Method of Payment Upon Liquidation

27-9-3-31. Liability for Payment of Premiums by Insured and Person Other Than Insured; Penalties

27-9-3-32. Proposal to Disburse Assets

27-9-3-33. Filing Proof of Claims

27-9-3-34. Content of Proof of Claim

27-9-3-34.5. Administration of Large Deductible Worker's Compensation Policy

27-9-3-35. Claims Subject to Contingencies

27-9-3-36. Claims by Insured or by Third Party

27-9-3-37. Denial of Claim; Objections; Hearing

27-9-3-38. Claims in Name of Secured Creditors

27-9-3-39. Valuation of Security Held by Secured Creditor

27-9-3-40. Priority of Distribution of Claims

27-9-3-40.5. Segregated Investment Accounts

27-9-3-41. Settlement of Claims; Report of Unresolved Claims; Action of Court on Report

27-9-3-42. Payment of Distributions

27-9-3-43. Deposit of Unclaimed Funds

27-9-3-44. Discharge of Liquidator

27-9-3-45. Reopening of Proceedings

27-9-3-46. Destruction of Records

27-9-3-47. Audit of Books of Commissioner Relating to Receivership