§ 26-4-3-7 — Board of directors; duties

Indiana § 26-4-3-7

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 4: GRAIN INDEMNITY PROGRAM
• Ch. 3: Indiana Grain Indemnity Corporation

Text

(a) The board shall do the following:
(1) Adopt rules, create forms, and establish guidelines to
implement this article.
(2) Collect and deposit all producer premiums authorized under
IC 26-4-4-4 into the fund for investment by the board.
(3) Require reports from the agency regarding the financial status
of a licensee, while the board is in executive session and without
disclosing the name or any other identifying information of the
licensee, including the following:
(A) Whether there is a risk that a licensee may have the
licensee's license revoked.
(B) The financial impact to the fund if a licensee identified in
clause (A) were to have the licensee's license revoked.
(C) The estimated number of potential claimants that could
result from the revocation of a license of a licensee identified
in clause (A).
(D) Any other information the director determines is necessary
to solicit the advice of the board regarding the financial status
of a licensee.
However, the director may not share information under this
subdivision with a board member who has not executed a
confidentiality agreement.
(4) Initiate any action it may consider necessary to compel the
grain buyer against whom an awarded claim arose to repay to the
fund the sums that are disbursed from the fund in relation to each
claim.
(5) Initiate any action it may consider necessary to compel the
claimant whose claim arose due to the revocation of a license to
participate in any legal proceeding, investigation, or questioning
by the board in relation to the claim.
(6) Within five (5) business days of receiving notice of the
revocation of a license of a grain buyer, publish notice of the
revocation in a manner described in IC 5-3.
(7) When a claim is made against the fund, hire a manager or
management firm, that is not associated with or related to any
member of the board, to assist board members in developing
agendas, assisting in determining claims made against the fund,
presenting the evidence of claims made by the agency, presenting
claim information to the board, and other duties determined by the
board.
(8) Seek independent legal advice when negotiating settlement of
claims made against the fund when a claimant does not agree with
the amount decided by the board as a fair amount for claims
made.
(9) Determine whether claims made by producers are legitimate
and backed by credible supporting documentation.
(10) Deny payments to claimants refusing to produce requested
documentation or participate in investigations by the board.
(11) With the approval of the majority of the board, make
payment from the fund when the payment is necessary for the
purpose of compensating claimants under IC 26-4-6.
(12) Have subpoena power for credible documentation of losses
requested to be paid to claimants by the fund.
(b) At the request of the chairperson, the agency shall provide
administrative support to the board.

Legislative History

As added by P.L.250-1995, SEC.1. Amended by P.L.208-2021, SEC.11; P.L.114-2025, SEC.61.