Indiana Code 27-1-29-28. Authorized actions of commissioner; fund
(b) Upon a determination by the commissioner that:
Terms Used In Indiana Code 27-1-29-28
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- fund: refers to the political subdivision risk management fund established by this chapter. See Indiana Code 27-1-29-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- member: means one who holds a contract of insurance or is insured in an insurance company other than a stock corporation. See Indiana Code 27-1-2-3
- political subdivision: has the meaning set forth in IC 34-6-2-110. See Indiana Code 27-1-29-4
(2) all payments of liabilities of former members of the fund have been determined and finalized;
the commissioner is authorized to take action under subsection (c).
(c) Under the circumstances set forth in subsection (b), the commissioner shall do the following with respect to the fund:
(1) Prevent any political subdivision that is not already a member of the fund from becoming a member.
(2) Decline to renew the membership of the political subdivisions that are members of the fund.
(3) Cease the operation of the fund.
(4) Distribute the balance in the fund, including the reserve account created under section 10(f) of this chapter, to former members of the fund, distributing to each former member of the fund an amount proportional to the total of:
(A) assessments paid under section 12 of this chapter; and
(B) surcharges paid under section 7(b)(10) of this chapter;
by the former member, regardless of when the former member withdrew from the fund.
As added by P.L.103-1998, SEC.1. Amended by P.L.46-2023, SEC.2.