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27-6-10-12. Assuming insurers not licensed, accredited, or certified in Indiana

IN Code § 27-6-10-12 (2019) (N/A)
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Sec. 12. If an assuming insurer is not licensed, accredited, or certified to transact insurance or reinsurance in Indiana, the credit permitted by sections 10 and 11 of this chapter shall not be allowed unless the assuming insurer agrees in the reinsurance agreements to all of the following:

(1) That in the event of the failure of the assuming insurer to perform the assuming insurer's obligations under the terms of the reinsurance agreement, the assuming insurer, at the request of the ceding insurer, shall:

(A) submit to the jurisdiction of any court with jurisdiction in any state of the United States;

(B) comply with all requirements necessary to give the court described in clause (A) jurisdiction; and

(C) abide by the final decision of the court or of any appellate court in the event of an appeal.

(2) To designate the commissioner or an attorney as its true and lawful attorney upon whom may be served any lawful process in any action, suit, or proceeding instituted by or on behalf of the ceding insurer.

This section is not intended to conflict with or override the obligation of the parties to a reinsurance agreement to arbitrate their disputes, if such an obligation is created in the agreement.

As added by P.L.116-1994, SEC.54. Amended by P.L.81-2012, SEC.30.

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27-6-10-11.5. Credit for reinsurance ceded to certified reinsurer; certification requirements; qualified jurisdictions; ratings
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27-6-10-13. Assuming insurer failure to meet requirements