(a) The commissioner may issue a certificate of authority to a limited purpose subsidiary upon a finding by the commissioner of all of the following:(1) That the proposed plan of operation provides for a viable operation of the limited purpose subsidiary.(2) That the terms of all proposed reinsurance contracts and related transactions of the limited purpose subsidiary comply with this chapter and any other applicable insurance laws.(3) That the proposed plan of operation is not hazardous to any ceding insurer.(b) The commissioner may, in conjunction with the issuance of a certificate of authority to a limited purpose subsidiary, issue an order containing any terms or conditions applying to the limited purpose subsidiary's authority to engage in the business of reinsurance, including terms or conditions concerning the organization, licensing, or operation of the limited purpose subsidiary, consistent with this chapter and determined necessary by the commissioner.(c) A limited purpose subsidiary shall produce or disclose its plan of operation, amendments, and records, books, documents, reports, and other information that the commissioner requires the limited purpose imited purpose subsidiary shall produce or disclose its plan of operation, amendments, and records, books, documents, reports, and other information that the commissioner requires the limited purpose subsidiary to produce or disclose under:(1) this chapter;(2) rules adopted under section 15 of this chapter; or(3) an order under IC 27-1-3.1.(d) The commissioner has the powers enumerated in IC 27-1-3.1 with respect to a limited purpose subsidiary.As added by P.L.11-2011, SEC.7.
Indiana Legal Code