Indiana Code 27-7-10-23. Insurance insolvency guaranty fund
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Sec. 23. (a) A risk retention group may not be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in Indiana. Neither a risk retention group, nor its insureds, nor claimants against its insureds may receive any benefit from any such fund for claims arising under the insurance policies issued by the risk retention group.
(c) When a purchasing group obtains insurance covering its members’ risks from an authorized insurer, only risks resident or located in Indiana are covered by the state guaranty fund under IC 27-6-8.
(b) When a purchasing group obtains insurance covering its members’ risks from an insurer that is not authorized in Indiana or from a risk retention group, no risks, wherever resident or located, are covered by an insurance guaranty fund or similar mechanism in Indiana.
Terms Used In Indiana Code 27-7-10-23
- insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk that is determined to be insurance under the laws of Indiana. See Indiana Code 27-7-10-5
- purchasing group: means any group that:
Indiana Code 27-7-10-10
- risk retention group: includes a corporation or limited liability association described in subsection (a)(3)(B):
Indiana Code 27-7-10-11
- state: means any state of the United States or the District of Columbia. See Indiana Code 27-7-10-12
As added by P.L.162-1988, SEC.2.