§ 27-1-29-15 — Filing notice of intent to become member of fund; relinquishing membership in fund

Indiana § 27-1-29-15

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 29: Indiana Political Subdivision Risk Management

Text

(a) A political subdivision may become a
member of the fund by filing a written notice of its intent to become a
member with the commission by the date exactly six (6) months before
the expiration date of the liability insurance policy covering the
political subdivision on December 31, 1986.
(b) Each political subdivision that files a notice of intent to become
a member of the fund by the date set forth in subsection (a) shall be
granted membership in the fund. A political subdivision that files a
notice of intent to become a member after the date set forth in
subsection (a) may be admitted to or rejected for membership in the
fund at the discretion of the commission.
(c) A rule adopted by the commission to establish the procedures
described in section 7(b)(4) of this chapter may not provide that a
political subdivision continues to be a member of the fund more than
twelve (12) months after the political subdivision gives notice to the
commissioner of its intention to relinquish its membership.
(d) After relinquishing its membership in the fund, a political
subdivision remains liable for its pro rata share of assessments to pay
for liabilities of fund members that arose out of claims based upon acts
or omissions that took place while the political subdivision was a
member of the fund. If a political subdivision fails to pay an assessment
to which it is subject under this chapter, the commission may give
notice to any department or agency of the state (including the treasurer
of state or the state comptroller) that is the custodian of money payable
to the delinquent political subdivision after the date of the notice, that
the political subdivision is in default on the payment of an assessment
under this chapter. After receiving this notice, the department or
agency shall withhold the delinquent amount from money payable to
the political subdivision and pay over the money to the commission to
be applied against the delinquent assessment.

Legislative History

As added by P.L.162-1986, SEC.1. Amended by P.L.273-1987, SEC.2; P.L.272-1987, SEC.5; P.L.9-2024, SEC.479.