Indiana Code 27-1-3-28. Department of insurance fund; establishment; deposits
(1) To provide supplemental funding for the operations of the department of insurance.
Terms Used In Indiana Code 27-1-3-28
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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
- Statute: A law passed by a legislature.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) To enable the department of insurance to maintain accreditation by the National Association of Insurance Commissioners.
(4) To carry out any other purpose determined necessary by the department of insurance to carry out the department’s duties under this title.
(b) The fund shall be administered by the commissioner. The following shall be deposited in the department of insurance fund:
(1) Audit fees remitted by insurers to the commissioner under section 15(d) of this chapter.
(2) Filing fees remitted by insurers to the commissioner under section 15(a) or 15(e) of this chapter.
(3) Any other amounts remitted to the commissioner or the department that are required by rule or statute to be deposited into the department of insurance fund.
(c) The expenses of administering the fund shall be paid from money in the fund.
(d) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund.
(e) Money in the fund at the end of a particular fiscal year does not revert to the state general fund.
(f) There is annually appropriated to the department of insurance, for the purposes set forth in subsection (a), the entire amount of money deposited in the fund in each year.
As added by P.L.130-1994, SEC.7 and P.L.116-1994, SEC.11. Amended by P.L.252-1995, SEC.1; P.L.91-1998, SEC.4; P.L.173-2007, SEC.7; P.L.234-2007, SEC.189; P.L.100-2012, SEC.65.