Ind. Code » Title 27
Indiana Code

Ind. Code § 27-9-3-5 (2026)

Petition for liquidation; termination of rehabilitation

✓ current as of May 2026
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     Sec. 5. (a) Whenever the commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, the commissioner may petition the Marion County circuit court for an order of liquidation. A petition under this subsection has the same effect as a petition under section 6 of this chapter. The Marion County circuit court shall permit the directors of the insurer to take actions that are reasonably necessary to defend against the petition and may order payment from the estate of the insurer of such costs and other expenses of defense as justice may require.

     (b) The rehabilitator may at any time petition the Marion County circuit court for an order terminating rehabilitation of an insurer. The Marion County circuit court shall also permit the directors of the insurer to petition the court for an order terminating rehabilitation of the insurer and may order payment from the estate of the insurer of such costs and other expenses of the petition as justice may require. If the Marion County circuit court finds that rehabilitation has been accomplished and that grounds for rehabilitation under section 1 of this chapter no longer exist, the court shall order that the insurer be restored to possession of its property and the control of its business. The Marion County circuit court may also make that finding and issue that order at any time upon its own motion.

As added by Acts 1979, P.L.255, SEC.1.

 

Notes of Decisions
Cited in 1 case, 1980–1980 · leading case: State Ex Rel. Indiana Life & Health Ins. Guar. v. Superior Court of Marion Cnty., 399 N.E.2d 356 (Ind. 1980).
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State Ex Rel. Indiana Life & Health Ins. Guar. v. Superior Court of Marion Cnty., 399 N.E.2d 356 (Ind. 1980). “§ 27-9-3-5(a) of the new act concerns liquidation where rehabilitation has failed: “Whenever the Commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders or the public, or would be futile, the…”
Ind. Code § 27-9-3-5(a): 1 case
State Ex Rel. Indiana Life & Health Ins. Guar. v. Superior Court of Marion Cnty., 399 N.E.2d 356 (Ind. 1980). “§ 27-9-3-5(a) of the new act concerns liquidation where rehabilitation has failed: “Whenever the Commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders or the public, or would be futile, the…”
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