Indiana § 27-1-23-5.1 - Supervisory college
Full text of Indiana Indiana Code § 27-1-23-5.1 — Supervisory college, with citation guidance and answers to common questions.
§ 27-1-23-5.1. Supervisory college
Sec. 5.1. (a) The commissioner may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system that has international operations, and any affiliate of the insurer, to do the following:
(1) Determine whether the insurer or affiliate is in compliance with this chapter.
(2) Assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes that apply to the insurer or affiliate.
(3) Examine the insurer or affiliate.
(b) The powers of the commissioner under subsection (a) include the following:
(1) Initiation of the establishment of the supervisory college.
(2) Clarification of the membership and participation of other supervisors in the supervisory college.
(3) Clarification of the functions of the supervisory college and the role of other regulators, including the establishment of a group wide supervisor.
(4) Coordination of the activities of the supervisory college, including planning meetings, supervisory activities, and information sharing procedures.
(5) Establishment of a crisis management plan.
(c) An insurer that is described in subsection (a) shall pay the commissioner's reasonable expenses of participation in a supervisory college, including travel expenses. The commissioner may establish a regular assessment to the insurer for payment of the expenses.
(d) The commissioner may enter into agreements in accordance with the requirements that apply to an agreement entered into with the NAIC under section 6 of this chapter to specify the activities of the commissioner and other regulators participating in the supervisory college.
(e) This section does not delegate to a supervisory college a commissioner's authority to regulate or supervise the insurer described in subsection (a) or the insurer's affiliates within the commissioner's jurisdiction.
As added by P.L.81-2012, SEC.17. Amended by P.L.72-2016, SEC.13.
Frequently Asked Questions About Indiana § 27-1-23-5.1
What does Indiana Code § 27-1-23-5.1 cover?
Section 27-1-23-5.1 ("Supervisory college") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 27-1-23-5.1?
A common citation format is "Indiana Code § 27-1-23-5.1" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 27-1-23-5.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.