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
Article 9. Supervision; Rehabilitation; Liquidation
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
27-9-3-14. Transfers Made or Obligations Incurred as Fraudulent
27-9-3-15. Transfers After Petition; Validity
27-9-3-17. Transfers; Time Perfected
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
27-9-3-30.1. 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