§ 27-1-29.1-13 — Liability partial payment determination; formula

Indiana § 27-1-29.1-13

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 29.1: Political Subdivision Catastrophic Liability Fund

Text

The amount that is to be paid by the
commission toward the satisfaction of a liability qualifying for partial
payment under this chapter is determined in STEP FOUR of the
following formula:
STEP ONE: If the total amount of the liability exceeds five
million dollars ($5,000,000), subtract five million dollars
($5,000,000) from the total amount of the liability.
STEP TWO: Add the remainder under STEP ONE to the
minimum total amount figure that applies to the liability under
section 12 of this chapter.
STEP THREE: Add to the sum determined under STEP TWO the
total amount expended by the commission under section 16 of this
chapter in defending the member of the fund against claims
giving rise to the liability.
STEP FOUR: Subtract the sum determined under STEP THREE
from the total amount of the liability.

Legislative History

As added by P.L.272-1987, SEC.7.