Sec. 11. (a) If the total gross
assets of a transferor
corporation include liability insurance issued to the transferor
corporation, this chapter does not affect the applicability, terms, conditions, or limits of the liability insurance.
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Terms Used In Indiana Code 34-31-8-11
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- corporation: means a corporation for profit, including a domestic corporation organized under Indiana law or a foreign corporation organized under the law of a jurisdiction other than Indiana. See Indiana Code 34-31-8-2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- transferor corporation: means a corporation from which a successor asbestos related liability was assumed or incurred. See Indiana Code 34-31-8-5
(1) preenactment settlements resolving coverage related disputes; or
(2) contracts regarding the rights of an insurer to seek payment for applicable deductibles, retrospective premiums, self-insured periods, or periods as to which insurance is uncollectible or unavailable.
(c) A settlement of a dispute concerning liability insurance coverage entered into by a:
(1) transferor corporation; or
(2) successor corporation;
with the insurers of a transferor corporation before July 1, 2009, is determinative of the total coverage of liability insurance to be included in the calculation of a transferor corporation’s total gross assets under this chapter.
As added by P.L.134-2009, SEC.6.
