Sec. 1. (a) The obligation to pay an amount from the patient’s compensation fund under IC 34-18-14-3(c), IC 34-18-6-6, or section 3 of this chapter (or IC 27-12-14-3(c), IC 27-12-6-6, or IC 27-12-15-3 before their repeal) may be discharged as follows:

(1) Payment in one (1) lump amount.

Terms Used In Indiana Code 34-18-15-1

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) An agreement requiring periodic payments from the fund over a period of years.

(3) The purchase of an annuity payable to the patient.

(4) Any combination of subdivisions (1), (2), and (3).

     (b) The commissioner may contract with approved insurers to insure the ability of the fund to make periodic payments under subsection (a)(2).

[Pre-1998 Recodification Citation: 27-12-15-1.]

As added by P.L.1-1998, SEC.13.

  Previous section
Next section  
 Chapter 15 Contents