Sec. 29. (a) Except as provided in subsection (b), this chapter expires when the insurance commissioner certifies to the executive director of the legislative services agency that:

(1) the fund has no remaining members;

Terms Used In Indiana Code 27-1-29-29

  • 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
  • Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) all payments of liabilities of former members of the fund have been determined and finalized; and

(3) the balance in the fund has been distributed to former members of the fund in accordance with section 28(c)(4) of this chapter.

     (b) This chapter does not expire under subsection (a) unless IC 27-1-29.1:

(1) has previously expired under IC 27-1-29.1-24; or

(2) expires under IC 27-1-29.1-24 at the same time as this chapter expires under subsection (a)(1) through (a)(3).

As added by P.L.46-2023, SEC.3.

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