Indiana Code

Ind. Code § 27-9-3-7 (2026)

Order to liquidate; content; effect; declaration of insolvency; accounting

✓ current as of May 2026

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Sec. 7. (a) An order to liquidate the business of a domestic insurer must:

(1) Appoint the commissioner and his successors in office liquidator.

(2) Direct the liquidator as soon as possible to take possession of the assets of the insurer and to administer them under the general supervision of the Marion County circuit court.

(b) The liquidator shall be vested by operation of law with the title to all of the property, contracts, and rights of action and all of the books and records of the insurer ordered liquidated, wherever located, as of the entry of the final order of liquidation. The filing or recording of the order with the clerk of the circuit court and the recorder of deeds of the county in which its principal office or place or business is located, or in the case of real estate with the recorder of deeds of the county where the property is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds would have imparted.

(c) Upon issuance of the order, the rights and liabilities of any insurer and of its creditors, policyholders, shareholders, members and all other persons interested in its estate become fixed as of the date of entry of the order of liquidation, except as provided in sections 8 and 35 of this chapter.

(d) An order to liquidate the business of an alien insurer domiciled in Indiana must be in the same terms and have the same legal effect as an order to liquidate a domestic insurer, except that the assets and the business in the United States shall be the only assets and business included in the liquidation.

(e) At the time of petitioning for an order of liquidation, or at any time after petitioning for an order of liquidation, the commissioner, after making appropriate findings of an insurer's insolvency, may petition the Marion County circuit court for a judicial declaration of that insolvency. After providing for a notice and hearing as the Marion County circuit court considers proper, the court may make the declaration.

(f) An order issued under this section shall require accounting by the liquidator to the Marion County circuit court. Accountings shall be at intervals as the court specifies in its order.

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

Notes of Decisions

Cited in 7 cases, 1980–2008 · leading case: Dennerline v. Atterholt, 886 N.E.2d 582 (Ind. Ct. App. 2008).

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Dennerline v. Atterholt, 886 N.E.2d 582 (Ind. Ct. App. 2008). · cites it 4× “[4] Pursuant to Indiana Code Section 27-9-3-7, the Commissioner serves as the liquidator in liquidation proceedings.”

Mut. Sec. Life Ins. Co. Ex Rel. Bennett v. Fid. & Deposit Co. of Maryland, 659 N.E.2d 1096 (Ind. Ct. App. 1995). · cites it 4× “MSL further asserts that the automatic termination upon takeover term violates the Liquidator's mandate to marshall and distribute assets as required by Indiana Code §§ 27-9-3-7 and 27-9-3-13. The result, argues the Liquidator, is to deny a critical asset to her and to the…”

Allied Fid. Ins. v. Ruth, 790 P.2d 206 (Wash. Ct. App. 1990). · cites it 2× “Ind. Code § 27-9-3-7 (a) has an equivalent in the Washington code but it is not within the Washington Act.”

Whinnery v. Bank of Onalaska (In Re Taggatz), 106 B.R. 983 (Bankr. W.D. Wis. 1989). “The Court found that pursuant to Ind.Code § 27-9-3-7(b) (1979) the Liquidator was the proper plaintiff, could substitute itself for Allied within 60 days and had provided Continental with conforming documents under the letter of credit for which it was a beneficiary.”

State Ex Rel. Indiana Life & Health Ins. Guar. v. Superior Court of Marion Cnty., 399 N.E.2d 356 (Ind. 1980). “” By this petition, the Department, purporting to seek an order satisfying the requirements of § 27-9-3-7, sought an order from the Superior Court declaring Pilgrim Insurance to be insolvent, appointing the Commissioner as liquidator, and directing the Commissioner to liquidate…”

Allied Fid. Ins. v. Cont'l Illinois Nat'l Bank & Trust Co. of Chicago, 677 F. Supp. 562 (N.D. Ill. 1988). · cites it 2× “” Ind.Code § 27-9-3-7(b) (1979). Thus, Liquidator, and only Liquidator, can enforce whatever rights exist under the Letter of Credit, see Eakin v.”

Eakin v. Cont'l Illinois Nat'l Bank & Trust Co. of Chicago, 875 F.2d 114 (7th Cir. 1989). · cites it 2× “Ind.Code § 27-9-3-7. The Circuit Court of Marion County appointed the Commissioner as Allied’s liquidator on July 15, 1986.”

— Ind. Code § 27-9-3-7(b) — 3 cases

Allied Fid. Ins. v. Cont'l Illinois Nat'l Bank & Trust Co. of Chicago, 677 F. Supp. 562 (N.D. Ill. 1988). “” Ind.Code § 27-9-3-7(b) (1979). Thus, Liquidator, and only Liquidator, can enforce whatever rights exist under the Letter of Credit, see Eakin v.”

Eakin v. Cont'l Illinois Nat'l Bank & Trust Co. of Chicago, 875 F.2d 114 (7th Cir. 1989). “Ind.Code § 27-9-3-7. The Circuit Court of Marion County appointed the Commissioner as Allied’s liquidator on July 15, 1986.”

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