Sec. 7. (a) The mine subsidence insurance fund is established for the purpose of making mine subsidence insurance available to owners of property located in counties identified under section 6 of this chapter. The fund shall be administered by the commissioner. Money shall be deposited in the fund from:

(1) premiums for mine subsidence insurance remitted by insurers to the commissioner; and

Terms Used In Indiana Code 27-7-9-7

  • commissioner: refers to the insurance commissioner. See Indiana Code 27-7-9-1
  • 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.
  • mine subsidence: means the collapse of an underground coal mine resulting in damage to a structure. See Indiana Code 27-7-9-3
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) funds obtained through federal grants or any other source.

     (b) The expenses of administering the fund shall be paid from money in the fund.

     (c) 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.

     (d) Money in the fund at the end of a particular fiscal year does not revert to the state general fund.

As added by P.L.164-1986, SEC.1.

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