Indiana Code
Chapter 3. Formal Proceedings
27-9-3-29. Liquidator's Report; Assessment of Members

Sec. 29. (a) As soon as practicable but not more than two (2) years from the date of an order of liquidation under section 7 of this chapter of an insurer issuing assessable policies, the liquidator shall make a report to the Marion County circuit court stating:
(1) The reasonable value of the assets of the insurer.
(2) The insurer's probable total liabilities.
(3) The probable aggregate amount of the assessment necessary to pay all claims of creditors and expenses in full, including expenses of administration and costs of collecting the assessment.
(4) A recommendation as to whether or not an assessment should be made and in what amount.
(b) Upon the basis of the report required by subsection (a), including any supplements and amendments to that report, the Marion County circuit court may levy one (1) or more assessments against all members of the insurer who are subject to assessment.
(c) Subject to any applicable legal limits on assessability, the aggregate assessment must be the amount that:
(1) the sum of the probable liabilities;
(2) the expenses of administration; and
(3) the estimated cost of collection of the assessment;
exceed the value of existing assets, with due regard being given to assessments that cannot be collected economically.
(d) After the levy of assessment under subsections (b) and (c), the liquidator shall issue an order directing each member who has not paid the assessment under the order to show cause why the liquidator should not pursue a judgment for that amount.
(e) The liquidator shall give notice of the order to show cause by publication and by first-class mail to each member liable under the order mailed to his last known address as it appears on the insurer's records, at least twenty (20) days before the return day of the order to show cause.
(f) If a member does not appear and serve duly verified objections upon the liquidator on or before the return day of the order to show cause under subsection (d), the Marion County circuit court shall issue an order adjudging the member liable for the amount of the assessment against him, under subsection (d) together with costs. The liquidator shall have a judgment against the member for that amount.
(g) If on or before the return day, the member appears and serves duly verified objections upon the liquidator, the commissioner may hear and determine the matter or may appoint a referee to hear it and make an order as the facts warrant. In the event that the commissioner determines that the objections do not warrant relief from assessment, the member may request the Marion County circuit court to review the matter and vacate the order to show cause.
(h) The liquidator may enforce any order or collect any judgment under subsection (f) by any lawful means.
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