Indiana Code 27-7-9-10. Premiums
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Sec. 10. (a) Premiums for mine subsidence insurance under this chapter shall be established by the commissioner, who shall review at least annually the premium level and the experience data concerning operation of the fund and make changes in the premiums as required.
(1) satisfy all foreseeable claims on the mine subsidence insurance fund during the period of coverage, giving due consideration to relevant loss or claims experience or trends;
(b) Premiums shall be established at a rate or within a schedule of rates sufficient to:
Terms Used In Indiana Code 27-7-9-10
- commissioner: refers to the insurance commissioner. See Indiana Code 27-7-9-1
- mine subsidence: means the collapse of an underground coal mine resulting in damage to a structure. See Indiana Code 27-7-9-3
- premium: has the meaning set forth in IC 27-1-2-3(w). See Indiana Code 27-7-9-4
(2) cover normal costs of operation of the mine subsidence insurance fund; and
(3) provide a reasonable reserve fund for unexpected contingencies.
(c) Deviations from the premium level or premiums set by the commissioner may not be allowed.
As added by P.L.164-1986, SEC.1.