reglab/housing_qa huggingface dataset:
IN Code § 27-9-3-27 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-27. Claims by Creditors Holding Voidable Preferences

Sec. 27. (a) Claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance, voidable under IC 27-9, shall not be allowed unless he surrenders the preference, lien, conveyance, transfer, assignment, or encumbrance. If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within thirty (30) days from the date of entering of the final judgment, except that the Marion County circuit court may allow further time if there is an appeal or other continuation of the proceeding.(b) A claim allowable under subsection (a) by reason of the avoidance, whether voluntary or involuntary, or a preference, lien, conveyance, transfer, assignment, or encumbrance, may be filed as an excused late filing under section 33 of this chapter if filed within thirty (30) days from the date of the avoidance (or within the further time allowed by the court under subsection (a)).As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-28 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-28. Setoff of Mutual Debts or Credits

Sec. 28. (a) Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this article shall be set off and only the balance shall be allowed or paid, except as provided in section 31(a) of this chapter.(b) A setoff or counterclaim shall not be allowed in favor of any person where:(1) the obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer;(2) the obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff; or(3) the obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution.As added by Acts 1979, P.L.255, SEC.1. Amended by P.L.29-1987, SEC.3; P.L.255-1995, SEC.10.
IN Code § 27-9-3-29 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|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.
IN Code § 27-9-3-30.1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-30.1. Reinsurance; Method of Payment Upon Liquidation

Sec. 30.1. (a) Reinsurance must be payable under a contract reinsured by an assuming insurer on the basis of reported claims allowed in the liquidation proceedings, subject to court approval, without diminution because of the insolvency of the ceding insurer. Payments must be made directly to the ceding insurer or to the ceding insurer's domiciliary liquidator except when:(1) the contract or other written agreement specifically provides another payee of the reinsurance in the event of the insolvency of the ceding insurer; or(2) before the initiation of the insolvency proceedings, the assuming insurer, with the consent of the direct insured, has assumed the policy obligations of the ceding insurer as direct obligations of the assuming insurer to policy payees and in substitution for the obligations of the ceding insurer to the payees.(b) During the pendency of a receivership proceeding, an assuming insurer, with the consent of the direct insured and the receiver, subject to court approval, may assume policy obligations of the ceding insurer as direct obligations of the assuming insurer to the policy payees and in substitution for the obligations of the ceding insurer to the payees.As added by P.L.233-1999, SEC.12.
IN Code § 27-9-3-31 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-31. Liability for Payment of Premiums by Insured and Person Other Than Insured; Penalties

Sec. 31. (a) An insurance producer, a broker, an agency, a premium finance company, an insured, or any other person responsible for the payment of a premium shall be obligated to pay any earned but unpaid premium for any policy that is due the insurer for coverage provided before the declaration of insolvency. However, an insurance producer, a broker, an agency, a premium finance company, an insured, or any other person responsible for the payment of a premium shall not be responsible for any unpaid premium unearned as of the time of the declaration of insolvency.(b) In addition to the obligation owed under subsection (a), an insurance producer, broker, agency, premium finance company, or any other person, other than the insured, responsible for the payment of a premium to the insurance company or any holding company shall pay any unearned premium collected from the insured before the declaration of insolvency. The commissioner may also recover from that person any part of an unearned premium that represents a commission of that person.(c) Credits or setoffs or both may not be allowed to an insurance producer, broker, or premium finance company for any amounts advanced to the insurer by the insurance producer, broker, or premium finance company on behalf of, but in the absence of a payment by, the insured.(d) Upon satisfactory evidence of a violation of this section, the commissioner may pursue the following courses of action against those parties licensed by the department of insurance:(1) Suspend, revoke, or refuse to renew the licenses of the offending party.(2) Impose a penalty of not more than one thousand dollars ($1,000) for each and every act in violation of this article by the party.These penalties are in addition to and not in lieu of the obligations owed under subsections (a) and (b).(e) Before the commissioner may take any action as provided in subsection (d), the commissioner shall give written notice to the person accused of violating the law, stating specifically the nature of the alleged violation, and fixing a time (at least ten (10) days after the notice is sent) and place when a hearing on the matter is to be held. After the hearing, if the commissioner finds a violation, or upon failure of the accused to appear at the hearing, the commissioner shall impose whatever penalties allowed under subsection (d) as the commissioner considers advisable.(f) Subsection (a) does not relieve an insured of any obligation that may exist to reimburse any agency, insurance producer, broker, premium finance company, or other person for amounts advanced to the insurer on behalf of the insured.As added by Acts 1979, P.L.255, SEC.1. Amended by P.L.29-1987, SEC.4; P.L.255-1995, SEC.11; P.L.178-2003, SEC.78.
IN Code § 27-9-3-33 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-33. Filing Proof of Claims

Sec. 33. (a) Proof of all claims must be filed with the liquidator in the form required by section 34 of this chapter on or before the last day for filing specified in the notice required by section 10 of this chapter, except that proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly requires it.(b) The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if he were not late, to the extent that any late payment will not prejudice the orderly administration of the liquidation, when:(1) the existence of the claim was not known to the claimant but that after learning of it he filed his claim as promptly as is reasonably possible;(2) a transfer to a creditor was avoided under sections 14 through 16 of this chapter, or was voluntarily surrendered under section 27 of this chapter and that the filing satisfies the conditions of section 27 of this chapter; and(3) the valuation under section 39 of this chapter, of security held by a secured creditor shows a deficiency, which is filed within thirty (30) days after the valuation.(c) The liquidator shall permit late filing claims to share in distributions, whether past or future, as if they were not late, if those claims are claims of a guaranty association or foreign guaranty association for reimbursement of covered claims paid or expenses after the last day for filing where the payments were made and expenses incurred as provided by law.(d) The liquidator may consider any claim filed late that is not covered by subsection (b), and permit it to receive distributions that are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late-filing claimant shall receive, at each distribution, the same percentage of the amount allowed on his claim as is then being paid to claimants of any lower priority. This shall continue until his claim has been paid in full.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-34 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-34. Content of Proof of Claim

Sec. 34. (a) Proof of a claim shall consist of a statement signed by the claimant that includes all of the following that are applicable:(1) The particulars of the claim including the consideration given for it.(2) The identity and amount of the security on the claim.(3) The payments made on the debt, if any.(4) That the sum claimed is justly owing and that there is no setoff, counterclaim, or defense to the claim.(5) Any right of priority of payment or other specific right asserted by the claimants.(6) A copy of written instrument that is the foundation of the claim.(7) The name and address of the claimant and the attorney who represents him, if any.(b) A claim need not be considered or allowed if it does not contain all the information in subsection (a) that is applicable. The liquidator may require that a prescribed form be used, and may require that other information and documents be included.(c) At any time, the liquidator may:(1) request the claimant to present information or evidence supplementary to that required by subsection (a);(2) take testimony under oath;(3) require production of affidavits or depositions; or(4) obtain additional information or evidence necessary.(d) The following do not need to be considered as evidence of liability or the measure of damages:(1) A judgment or order against an insured or the insurer entered after the date of filing a successful petition for liquidation.(2) A judgment or order against an insured or the insurer entered at any time by default or by collusion.(3) A judgment or order against an insured or the insurer entered not more than four (4) months before the filing of the petition.(e) All claims of a guaranty association or foreign guaranty association must be in a form and contain substantiation as may be agreed to by the association and the liquidator.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-35 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-35. Claims Subject to Contingencies

Sec. 35. (a) The claim of a third party that is contingent only on his first obtaining a judgment against the insured must be considered and allowed as if there were no contingency.(b) If a claim is filed in accordance with section 33 of this chapter, it may be allowed even if contingent. A contingent claim may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.(c) Claims that are due except for the passage of time must be treated as absolute claims are treated, except that the claims may be discounted at the legal rate of interest.(d) Claims made under employment contracts by directors or principal officers (or persons performing similar functions or having similar powers) are limited to payment for services provided before the issuance of any order of rehabilitation or liquidation under sections 2 or 7 of this chapter.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-37 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-37. Denial of Claim; Objections; Hearing

Sec. 37. (a) When a claim is denied in whole or in part by the liquidator, written notice of the determination must be given to the claimant or his attorney by first-class mail at the address shown in the proof of claim. Within sixty (60) days from the mailing of the notice, the claimant may file his objections with the liquidator. If no filing is made, the claimant may not further object to the determination.(b) Whenever objections are filed with the liquidator and the liquidator does not alter his denial of the claim as a result of the objections, the liquidator shall ask the Marion County circuit court for a hearing as soon as practicable and give notice of the hearing by first-class mail to the claimant or his attorney and to any other persons directly affected, not less than ten (10) nor more then thirty (30) days before the date of the hearing. The matter may be heard by the court or by a court appointed referee who shall submit findings of fact along with his recommendation.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-38 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-38. Claims in Name of Secured Creditors

Sec. 38. Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person, fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that he discharges the undertaking. However, in the absence of an agreement with the creditor to the contrary, the other person is not entitled to any distribution until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor. Any excess received by the creditor shall be held by him in trust for the other person. As used in this section, the term "other person" is not intended to apply to a guaranty association or foreign guaranty association.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-39 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-39. Valuation of Security Held by Secured Creditor

Sec. 39. (a) The value of any security held by a secured creditor shall be determined in one (1) of the following ways, as the Marion County circuit court may direct:(1) By converting the security into money according to the terms of the agreement under which the security was delivered to the creditors.(2) By agreement, arbitration, compromise, or litigation between the creditor and the liquidator.(b) The valuation determination shall be under the supervision and control of the Marion County circuit court with due regard for the recommendation of the liquidator. The amount determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant surrenders his security to the liquidator, the entire claim shall be allowed as if unsecured.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-40.5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-40.5. Segregated Investment Accounts

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.
IN Code § 27-9-3-41 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-41. Settlement of Claims; Report of Unresolved Claims; Action of Court on Report

Sec. 41. (a) The liquidator shall review all claims duly filed in the liquidation and shall make further investigation as the liquidator considers necessary. The liquidator may compound, compromise, or in any other manner negotiate the amount for which claims will be recommended to the Marion County circuit court except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be determined under section 37 of this chapter. As soon as practicable, the liquidator shall present to the Marion County circuit court a report of the claims against the insurer with the liquidator's recommendations. The report must include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.(b) The Marion County circuit court may approve, disapprove, or modify the report on claims by the liquidator. Reports that are not modified by the court within a period of sixty (60) days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject to later modification or to rulings made by the court under section 37 of this chapter. A claim under a policy of insurance may not be allowed for an amount in excess of the applicable policy limits.As added by Acts 1979, P.L.255, SEC.1. Amended by P.L.137-2021, SEC.8.
IN Code § 27-9-3-42 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-42. Payment of Distributions

Sec. 42. Under the direction of the Marion County circuit court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third party claims. Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the Marion County circuit court.As added by Acts 1979, P.L.255, SEC.1.
IN Code § 27-9-3-43 (2021)
2021 Indiana Code|Title 27. Insurance|Article 9. Supervision; Rehabilitation; Liquidation|Chapter 3. Formal Proceedings|27-9-3-43. Deposit of Unclaimed Funds

Sec. 43. (a) All unclaimed funds subject to distribution remaining in the liquidator's hands when the liquidator is ready to apply to the Marion County circuit court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found, shall be deposited with the treasurer of state, and shall be paid without interest except in accordance with section 40 of this chapter to the person entitled to it or his legal representative upon proof satisfactory to the treasurer of state of his right to it. Any amount on deposit that is not claimed within six (6) years from the discharge of the liquidator shall be treated as if abandoned and shall be escheated without formal escheat proceedings and be deposited in the state general fund.(b) All funds withheld under section 35 of this chapter and not distributed shall upon discharge of the liquidator be deposited with the treasurer of state and paid by him as required by section 40 of this chapter. Any sums remaining, which under section 40 of this chapter would revert to the undistributed assets of the insurer, shall be transferred to the treasurer of state and become the property of the state as provided by subsection (a), unless the commissioner in his discretion petitions the Marion County circuit court to reopen the liquidation under section 45 of this chapter.As added by Acts 1979, P.L.255, SEC.1.