IC 27-9-3.1-12: Rights

Sec. 12. Notwithstanding any other provision of this title to the contrary, a person may exercise any of the following:

(1) A contractual right to cause the termination, liquidation, acceleration, or close-out of obligations in connection with a netting agreement or qualified financial contract with an insurer due to:

(A) the insolvency, financial condition, or default of the insurer if the right is enforceable under applicable law other than this title; or

(B) the commencement of a formal delinquency proceeding under IC 27-9-3.

(2) A right under:

(A) a pledge, security, collateral, reimbursement, guarantee agreement, or similar security agreement; or

(B) an arrangement or credit enhancement relating to at least one (1) netting agreement or qualified financial contract.

(3) A right to set off or net out a termination value, payment amount, or other transfer obligation arising in connection with at least one (1) qualified financial contract in which the counterparty or the counterparty's guarantor is organized under the laws of:

(A) the United States; or

(B) a state or foreign jurisdiction approved as eligible for netting by the Securities Valuation Office of the NAIC.