reglab/housing_qa huggingface dataset:
IN Code § 27-9-3-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-11. Notice of Liquidation by Insurance Producers to Policyholders

Sec. 11. (a) Every person who receives notice in the form prescribed in section 10 of this chapter that an insurer whom the person represents as an insurance producer is the subject of a liquidation order must, within fifteen (15) days of that notice, give notice of the liquidation order to each policyholder as provided by subsection (b).(b) The notice must be sent by first class mail to the last address contained in the insurance producer's records to each policyholder or other person named in any policy issued through that insurance producer by the insurer, if the insurance producer has a record of the address of the policyholder or other person.(c) A policy shall be treated as though it were issued through an insurance producer if the insurance producer has a property interest in the expiration of the policy, or if the insurance producer has had in the insurance producer's possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another.(d) The written notice must include:(1) the name and address of the insurer;(2) the name and address of the insurance producer; and(3) identification of the policy impaired and the nature of the impairment, including termination of coverage as described in section 8 of this chapter.(e) Notice by a general agent satisfies the notice requirement for any insurance producers under contract to the general agent. Each insurance producer obligated to give notice under this section shall file a report of compliance with the liquidator.(f) After a hearing under IC 4-21.5-3, an insurance producer failing to give notice or file a report of compliance as required by subsection (e) may be subject to payment of a penalty of not more than one thousand dollars ($1,000) and may have the insurance producer's license suspended.(g) The liquidator may waive the duties imposed by this section if the liquidator determines that other notice to the policyholders of the insurer under liquidation is adequate.As added by Acts 1979, P.L.255, SEC.1. Amended by P.L.7-1987, SEC.157; P.L.178-2003, SEC.77.
IN Code § 27-9-3-12 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-12. Actions After Liquidation Orders

Sec. 12. (a) Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in Indiana, an action at law or equity may not be brought against the insurer or liquidator, whether in Indiana or elsewhere, nor shall any existing actions be maintained or further presented after issuance of an order.(b) The courts of Indiana shall give full faith and credit to injunctions against the liquidator or the company or the continuation of existing actions against the liquidator or the company, when those injunctions are included in an order to liquidate an insurer issued under similar provisions in other states.(c) Whenever in the liquidator's judgment, protection of the estate of the insurer necessitates intervention in an action against the insurer that is pending outside Indiana, the liquidator may intervene in the action. The liquidator may defend any action in which he intervenes under this section at the expense of the estate of the insurer.(d) Within two (2) years after an order for liquidation (or a time in addition to two (2) years as applicable law may permit) the liquidator may institute an action or proceeding on behalf of the estate of the insurer upon any cause of action against which the period of limitation fixed by applicable law has not expired at the time of the filing of the petition upon which the order is entered.(e) Where, by any agreement, a period of limitation is fixed for instituting a suit or proceeding upon any claim, or for filing any claim, proof of claim, proof of loss, demand, notice, or the like, or where in any proceeding, judicial or otherwise, a period of limitation is fixed, either in the proceeding or by applicable law, for taking any action, filing any claim or pleading, or doing any act, and where in any such case the period had not expired at the date of the filing of the petition. The liquidator may, for the benefit of the estate, take any such action or do any such act, required of or permitted to the insurer, within a period of one hundred eighty (180) days after the entry of an order for liquidation, or within such further period as is shown to the satisfaction of the Marion County circuit court not to be unfairly prejudicial to the other party.(f) A statute of limitations or defense of laches shall not run with respect to any action against an insurer between the filing of a petition for liquidation against an insurer and the denial of the petition. Any action against the insurer that might have been commenced when the petition was filed may not be commenced for at least sixty (60) days after the petition is denied.(g) Any guaranty association or foreign guaranty association has standing to appear in any court proceeding concerning the liquidation of an insurer if that association is or may become liable to act as a result of the liquidation.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-13. Listing of Assets

Sec. 13. (a) As soon as practicable after the liquidation order, but not later than one hundred twenty (120) days after that order, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented as the liquidator determines necessary. One (1) copy shall be filed in the office of the clerk of the Marion County circuit court and one (1) copy shall be retained for the liquidator's files. All amendments and supplements shall be similarly filed.(b) The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.(c) A submission to the Marion County circuit court for disbursement of assets in accordance with section 32 of this chapter fulfills the requirements of subsection (a).As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-14. Transfers Made or Obligations Incurred as Fraudulent

Sec. 14. (a) Every transfer made, or suffered, and every obligation incurred by an insurer within one (1) year before the filing of a successful petition for rehabilitation or liquidation under IC 27-9 is fraudulent as to then existing and future creditors if made or incurred without fair consideration, or with actual intent to hinder, delay, or defraud either existing or future creditors.(b) A transfer made or an obligation incurred by an insurer ordered to be rehabilitated or liquidated under IC 27-9, which is fraudulent under this section, may be avoided by the receiver, except:(1) as to a person who in good faith is a purchaser, lienor, or obligee for a present fair equivalent value; and(2) that any purchaser, lienor, or obligee, who in good faith has given a consideration less than fair for such transfer, lien, or obligation, may retain the property, lien, or obligation as security for repayment.The court may, on due notice, order any transfer or obligation to be preserved for the benefit of the estate, and in that event, the receiver shall succeed to and may enforce the rights of the purchaser, lienor, or obligee.(c) A transfer of property, other than real property, is made or suffered when it becomes so far perfected that no subsequent lien obtainable by legal or equitable proceedings on a simple contract could become superior to the rights of the transferee under section 18 of this chapter.(d) A transfer of real property is made or suffered when it becomes so far perfected that no subsequent bona fide purchaser from the insurer could obtain rights superior to the rights of the transferee.(e) A transfer that creates an equitable lien is not perfected if there are available means by which a legal lien could be created.(f) Any transfer not perfected before the filing of a petition for liquidation shall be treated as if it were made immediately before the filing of the successful petition.(g) The provisions of subsections (b) through (f) apply whether or not there are or were creditors who might have obtained any liens or persons who might have become bona fide purchasers.(h) Any transaction of the insurer with a reinsurer is fraudulent and may be avoided by the receiver under section 13 of this chapter if:(1) the transaction consists of the termination, adjustment, or settlement of a reinsurance contract in which the reinsurer is released from any part of its duty to pay the originally specified share of losses that had occurred before the time of the transaction, unless the reinsurer gives a present fair equivalent value for the release; and(2) any part of the transaction took place within one (1) year before the date of filing of the petition through which the receivership was commenced.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-15. Transfers After Petition; Validity

Sec. 15. (a) After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value, or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid for that real property, for which amount the transferee shall have a lien on the property so transferred. The commencement of a proceeding in rehabilitation or liquidation shall be constructive notice upon the recording of a copy of the petition for or order of rehabilitation or liquidation with the recorder of deeds in the county where any real property in question is located. The exercise by a court of the United States or any state with jurisdiction to authorize or effect a judicial sale of real property of the insurer within any county in any state shall not be impaired by the pendency of a proceeding, unless the copy is recorded in the county before the consummation of the judicial sale.(b) After a petition for rehabilitation or liquidation has been filed and before either the receiver takes possession of the property of the insurer or an order of rehabilitation or liquidation is granted:(1) a transfer of any of the property of the insurer, other than real property, made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value, or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid for that real property, for which amount the transferee shall have a lien on the property so transferred;(2) a person indebted to the insurer or holding property of the insurer may, if acting in good faith, pay the indebtedness or deliver the property, or any part of the property, to the insurer or upon his order, with the same effect as if the petition were not pending;(3) a person having actual knowledge of the pending rehabilitation or liquidation shall be considered not to act in good faith; and(4) a person asserting the validity of a transfer under this section has the burden of proof.Except as elsewhere provided in this section, a transfer by or on behalf of the insurer after the date of the petition for liquidation by any person other than the liquidator is not valid against the liquidator.(c) Nothing in IC 27-9 shall be considered to impair the negotiability of currency or negotiable instruments.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-16 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-16. Preferences

Sec. 16. (a) A preference is a transfer of any of the property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt, made or suffered by the insurer within one (1) year before the filing of a successful petition for liquidation under IC 27-9, the effect of which transfer may be to enable the creditor to obtain a greater percentage of this debt than another creditor of the same class would receive. If a liquidation order is entered while the insurer is already subject to a rehabilitation order, then that transfer shall be considered a preference if made or suffered within one (1) year before the filing of the successful petition for rehabilitation, or within two (2) years before the filing of the successful petition for liquidation, whichever time is shorter.(b) A preference may be avoided by the liquidator if:(1) the insurer was insolvent at the time of the transfer;(2) the transfer was made within four (4) months before the filing of the petition;(3) the creditor receiving it or to be benefited by it or his agent acting with reference to it had, at the time when the transfer was made, reasonable cause to believe that the insurer was insolvent or was about to become insolvent; or(4) the creditor receiving it was an officer, or any employee or attorney or other person who was in fact in a position of comparable influence in the insurer to an officer whether or not he held such a position, or any shareholder holding directly or indirectly more than five percent (5%) of any class of any equity security issued by the insurer, or any other person, firm, limited liability company, corporation, association, or aggregation of persons with whom the insurer did not deal at arm's length.(c) Where the preference is voidable, the liquidator may recover the property or, if it has been converted, its value from any person who has received or converted the property, except where a bona fide purchaser or lienor has given less than fair equivalent value, he shall have a lien upon the property to the extent of the consideration actually given by him. Where a preference by way of lien or security title is voidable, the court may on due notice order the lien or title to be preserved for the benefit of the estate, in which event the lien or title shall pass to the liquidator.As added by Acts 1979, P.L.255, SEC.1. Amended by P.L.8-1993, SEC.433.
IN Code § 27-9-3-17 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-17. Transfers; Time Perfected

Sec. 17. (a) A transfer of property other than real property shall be considered to be made or suffered when it becomes so far perfected that no subsequent lien obtainable by legal or equitable proceedings on a simple contract could become superior to the rights of the transferee.(b) A transfer of real property shall be considered to be made or suffered when it becomes so far perfected that no subsequent bona fide purchaser from the insurer could obtain rights superior to the rights of the transferee.(c) A transfer that creates an equitable lien shall not be considered to be perfected if there are available means by which a legal lien could be created.(d) A transfer not perfected before the filing of a petition for liquidation shall be considered to be made immediately before the filing of the successful petition.(e) This section applies whether or not there are or were creditors who might have obtained liens or persons who might have become bona fide purchasers.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-18 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-18. Liens

Sec. 18. (a) A lien obtainable by legal or equitable proceedings upon a simple contract is one arising in the ordinary course of those proceedings upon the entry or docketing of a judgment or decree, or upon attachment, garnishment, execution, or like process, whether before, upon, or after judgment or decree and whether before or upon levy. It does not include liens that under applicable law are given a special priority over other liens that are prior in time.(b) A lien obtainable by legal or equitable proceedings could become superior to the rights of a transferee, or a purchaser could obtain rights superior to the rights of a transferee within the meaning of section 17 of this chapter, if those consequences would follow only from the lien or purchase itself, or from the lien or purchase followed by any step wholly within the control of the respective lienholder or purchaser, with or without the aid of ministerial action by public officials. A lien could not, however, become superior and a purchase could not create superior rights for the purpose of section 17 of this chapter through any acts after obtaining a lien or after a purchase that requires the agreement or concurrence of any third party or which requires any further judicial action or ruling.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-19 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-19. Transfers on Account of New and Contemporaneous Consideration

Sec. 19. A transfer of property for or on account of a new and contemporaneous consideration that is considered under section 17 of this chapter to be made or suffered after the transfer because of delay in perfecting it does not become a transfer for or on account of an antecedent debt if any acts required by the applicable law to be performed in order to perfect the transfer as against liens or bona fide purchasers' rights are performed within twenty-one (21) days or any period expressly allowed by the law, whichever is less. A transfer to secure a future loan or a transfer that becomes security for a future loan, has the same effect as a transfer for or on account of a new and contemporaneous consideration.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-20 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-20. Liens Dissolved by Furnishing Bond; Effect of Voidable Lien

Sec. 20. If any lien that is voidable under section 16(b) of this chapter has been dissolved by the furnishing of a bond or other obligation, the surety on which has been indemnified directly or indirectly by the transfer of or the creation of a lien upon any property of an insurer before the filing of a petition under IC 27-9 that results in a liquidation order, the indemnifying transfer or lien shall also be considered voidable.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-21 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-21. Discharge From Voidable Lien

Sec. 21. The property affected by any lien considered voidable under sections 16 and 20 of this chapter shall be discharged from that lien, and that property and any of the indemnifying property transferred to or for the benefit of a surety shall pass to the liquidator, except that the court may on due notice order any lien to be preserved for the benefit of the estate and the court may direct that the conveyance be executed as may be proper or adequate to evidence the title of the liquidator.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-22 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-22. Jurisdiction of Marion County Circuit Court Under This Chapter

Sec. 22. The Marion County circuit court has summary jurisdiction of any proceeding by the liquidator to hear and determine the rights of any parties under this chapter. Reasonable notice of any hearing in the proceeding shall be given to all parties in interest, including the obligee of a releasing bond or other like obligation. Where an order is entered for the recovery of indemnifying property in kind or for the avoidance of an indemnifying lien, the court, upon application of any party in interest, shall in the same proceeding ascertain the value of the property or lien, and if the value is less than the amount for which the property is indemnity or than the amount of the lien, the transferee or lienholder may elect to retain the property or lien upon payment of its value, as ascertained by the court, to the liquidator, within reasonable times as the court shall fix.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-23 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-23. Discharge of Surety Under Releasing Bond

Sec. 23. The liability of a surety under a releasing bond or other like obligation shall be discharged to the extent of the value of the indemnifying property recovered or the indemnifying lien nullified and avoided by the liquidator, or where the property is retained under section 22 of this chapter to the extent of the amount paid to the liquidator.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-24 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-24. Extension of Unsecured Credit by Preferred Creditor

Sec. 24. If a creditor has been preferred, and afterward in good faith gives the insurer further credit without security of any kind for property that becomes a part of the insurer's estate, the amount of the new credit remaining unpaid at the time of the petition may be set off against the preference that would otherwise be recoverable from him.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-25 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-25. Payment to Attorney for Services

Sec. 25. If an insurer shall, directly or indirectly:(1) within four (4) months before the filing of a successful petition for liquidation under IC 27-9; or(2) at any time in contemplation of a proceeding to liquidate it;pay money or transfer property to an attorney for services, the transaction may be examined by the court on its own motion or shall be examined by the court on petition of the liquidator and shall be held valid only to the extent of a reasonable amount to be determined by the court. The excess may be recovered by the liquidator for the benefit of the estate. However, where the attorney is in a position of influence in the insurer or an affiliate of the insurer payment of any money or the transfer of any property to the attorney for services is governed by section 16(b)(4) of this chapter.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-26 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-26. Personal Liability Relating to Improper Preferences

Sec. 26. (a) Every officer, manager, employee, shareholder, member, subscriber, attorney, or any other person acting on behalf of the insurer who knowingly participates in giving any preference when he has reasonable cause to believe the insurer is or is about to become insolvent at the time of the preference is personally liable to the liquidator for the amount of the preference. If the transfer was made within four (4) months before the date of filing a successful petition for liquidation it may be presumed that the person knew of the pending insolvency.(b) Every person receiving any property from the insurer (or the benefit of any property) as a preference voidable under section 16(a) of this chapter is personally liable for that property and is bound to account to the liquidator.(c) Nothing in this section shall prejudice any other claim by the liquidator against any person.As added by Acts 1979, P.L.255, SEC.1. Amended by P.L.1-1991, SEC.168.