Sec. 40.5. (a) A claim under a contract that is funded by an account established under IC 27-1-5-1 as a segregated investment account must be satisfied from the assets maintained in the account. The segregated investment account is not chargeable with a liability arising out of other business that the insurer conducts that has no specific relation to or dependence on the account.
(b) Surplus remaining in a segregated investment account by virtue of a guarantee by the insurer as described in IC 27-1-5-1 must be included in the assets of the insurer's estate.
(c) A deficit in a segregated investment account by virtue of a guarantee by an insurer as described in IC 27-1-5-1 must be treated as a Class 2 claim under section 40 of this chapter.
As added by P.L.130-2002, SEC.4.
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