Sec. 0.3. (a) The association’s coverage obligations under this chapter with respect to a member insurer that has a coverage date before March 28, 2006, are not affected by changes made by P.L.193-2006. (b) The association’s coverage obligations under this chapter with respect to a member insurer that has a coverage date before March 28, […]
As added by Acts 1978, P.L.129, SEC.3. Amended by P.L.1-1989, SEC.56; P.L.192-1991, SEC.3; P.L.1-1992, SEC.154; P.L.251-1995, SEC.18. Repealed by P.L.193-2006, SEC.32.
As added by P.L.251-1995, SEC.19. Repealed by P.L.193-2006, SEC.32.
Sec. 10. (a) Records must be kept of all meetings of the board to discuss the activities of the association in carrying out its powers and duties under sections 5, 5.2, and 5.4 of this chapter. Records of the association with respect to an impaired insurer or insolvent insurer must not be disclosed except: (1) […]
Sec. 11. (a) Subject to subsections (b) through (d), if an order for liquidation or rehabilitation of a member insurer domiciled in Indiana has been entered, the receiver appointed under the order shall have a right to recover on behalf of the member insurer, from any affiliate that controlled it, the amount of distributions, other […]
Sec. 12. (a) The association is subject to examination and regulation by the commissioner. The association shall annually submit to the commissioner, not later than one hundred twenty (120) days after the end of the association’s fiscal year, a financial report in a form approved by the commissioner and a report of its activities during […]
Sec. 13. The association is exempt from payment of all fees and all taxes levied by Indiana or any of its political subdivisions, except taxes levied on real property. As added by Acts 1978, P.L.129, SEC.3.
Sec. 14. (a) A member insurer and the member insurer’s agents and employees, the association and the association’s agents and employees, members of the board and representatives of the members of the board, and the commissioner and the commissioner’s representatives are not liable for and no cause of action of any nature arises or may […]
Sec. 15. All proceedings in which an insolvent insurer is a party in any court in Indiana shall be stayed for one hundred eighty (180) days from the date an order of liquidation is entered to permit proper legal action by the association on matters germane to its powers or duties. As to judgment under […]
Sec. 16. A member insurer may take as a credit against premium taxes, adjusted gross income taxes, or any combination of them imposed by the state upon the member insurer’s revenue or income not more than twenty percent (20%) of the amount of each assessment described in section 6 of this chapter for each calendar […]
Sec. 16.2. (a) A member insurer that is not eligible to take a credit under section 16 of this chapter may, after approval by the commissioner, place a surcharge on the member insurer’s premiums in a sum reasonably calculated to recoup the member insurer’s assessments over a reasonable period, as approved by the commissioner. (b) […]
Sec. 17. (a) Sums acquired by refund under section 6(n) of this chapter from the association by member insurers and offset against taxes as provided by section 16 of this chapter shall be paid by the member insurers to the state in the manner required by the tax authorities. (b) The association shall notify the […]
Sec. 18. (a) A person, including a member insurer, insurance producer, employee, agent, or affiliate of a member insurer, shall not make, publish, disseminate, circulate, or place before the public or cause, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in any newspaper, magazine, or other publication, or in […]
Sec. 2. (a) The definitions in this section apply throughout this chapter. (b) “Account” means one (1) of the two (2) accounts created under section 3 of this chapter. (c) “Annuity contract”, except as provided in section 2.3(e) of this chapter, includes: (1) a guaranteed investment contract; (2) a deposit administration contract; (3) a structured […]
Sec. 2.1. (a) For purposes of this chapter: (1) a policy or contract issued on a blanket basis is a group policy or group contract; (2) each individual insured under a policy or contract issued on a blanket basis is a certificate holder under the policy or contract; and (3) a policy or contract issued […]
Sec. 2.3. (a) Except as otherwise excluded or limited by this chapter, this chapter provides coverage for policies and contracts specified in subsection (d) as follows: (1) To a person, other than a certificate holder or enrollee under a group policy or a group contract, that, regardless of where the person resides, is the health […]
Sec. 3. (a) There is created a nonprofit legal entity referred to as the Indiana Life and Health Insurance Guaranty Association. A member insurer shall be and remain a member of the association as a condition of the member insurer’s authority to transact insurance in Indiana. The association shall perform its functions under the plan […]
Sec. 4. (a) The board of directors of the association shall consist of not less than seven (7) nor more than eleven (11) member insurers serving terms established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. (b) Vacancies on the […]
Sec. 5. (a) If a member insurer is an impaired insurer, the association may, in the association’s sole discretion and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer and that are approved by the commissioner: (1) guarantee, assume, reissue, reinsure, or perform, or cause […]
Sec. 5.2. (a) At any time within one (1) year after the coverage date for an impaired insurer or insolvent insurer, the association may elect, subject to subdivisions (1) through (4), to succeed to the rights and obligations of the impaired insurer or insolvent insurer that accrue on or after the coverage date and that […]
