Terms Used In Indiana Code > Title 27 > Article 7 > Chapter 10 - Risk Retention Groups

• commissioner: means :

  Indiana Code 27-7-10-1

• completed operations liability: means liability arising out of the installation, maintenance, or repair of any product at a site that is not owned or controlled by:

  Indiana Code 27-7-10-2

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• domicile: means the following:

  Indiana Code 27-7-10-3

• hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able to:

  Indiana Code 27-7-10-4

• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• liability: means legal liability for damages (including costs of defense, legal costs and fees, and other claims expenses) because of injuries to other persons, damage to their property, or other damage or loss to other persons, resulting from or arising out of:

  Indiana Code 27-7-10-6

• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Oversight: Committee review of the activities of a Federal agency or program.
• personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in section 6(a) of this chapter. See Indiana Code 27-7-10-7
• plan of operation or feasibility study: means an analysis that presents the expected activities and results of a risk retention group including, at a minimum, the following:

  Indiana Code 27-7-10-8

• product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage (including damages resulting from the loss of use of property) arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product. See Indiana Code 27-7-10-9
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• 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

• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• state: means any state of the United States or the District of Columbia. See Indiana Code 27-7-10-12
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5