§ 27-1-29.1-17 — Biannual recognition of liabilities; payment; proration in event of insufficient funds

Indiana § 27-1-29.1-17

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

Text

On June 30 and December 31 of every
year, the commission shall recognize every liability that has qualified
for partial payment under this section during the six (6) month period
that ended on that day. The commission shall pay the part of each
liability that is payable under section 13 of this chapter within fifteen
(15) days after the liability is recognized as qualifying for partial
payment. However, if the balance in the fund is insufficient to pay the
full payable amount of every liability that has qualified for partial
payment during a six (6) month period, the commission shall pay a
prorated portion of each liability that qualified for partial payment
during the period. Any part of the payable amount of a liability left
unpaid due to the prorating of payments under this subsection must be
paid before the payment of liabilities that qualify for partial payment
during any of the following six (6) month periods.

Legislative History

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