§ 27-1-29-28 — Authorized actions of commissioner; fund

Indiana § 27-1-29-28

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

Text

(a) As used in this section, "fund" means the
political subdivision risk management fund established by section 10
of this chapter.
(b) Upon a determination by the commissioner that:
(1) all members have withdrawn from the fund; and
(2) all payments of liabilities of former members of the fund have
been determined and finalized;
the commissioner is authorized to take action under subsection (c).
(c) Under the circumstances set forth in subsection (b), the
commissioner shall do the following with respect to the fund:
(1) Prevent any political subdivision that is not already a member
of the fund from becoming a member.
(2) Decline to renew the membership of the political subdivisions
that are members of the fund.
(3) Cease the operation of the fund.
(4) Distribute the balance in the fund, including the reserve
account created under section 10(f) of this chapter, to former
members of the fund, distributing to each former member of the
fund an amount proportional to the total of:
(A) assessments paid under section 12 of this chapter; and
(B) surcharges paid under section 7(b)(10) of this chapter;
by the former member, regardless of when the former member
withdrew from the fund.

Legislative History

As added by P.L.103-1998, SEC.1. Amended by P.L.46-2023, SEC.2.