§ 27-1-29.1-21 — Relinquishment of membership in fund; prerelinquishment liabilities; assessments

Indiana § 27-1-29.1-21

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

Text

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 the 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.272-1987, SEC.7. Amended by P.L.9-2024, SEC.480.