§ 27-1-29.1-22 — Assessments on members of fund

Indiana § 27-1-29.1-22

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

Text

(a) The commission shall impose an
assessment to be paid by each member of the fund. The assessments to
be paid by members of the fund shall be determined by the commission
and must be fair to all members, in consideration of the uniform
application of actuarial principles and underwriters' rating principles
and in consideration of the need to pay the principal of and interest on
bonds or notes issued under IC 27-1-29-17(b)(1). A member shall pay
its assessment in accordance with rules of the commission.
(b) The assessment for the first twelve (12) months of a political
subdivision's membership in the fund shall be no greater than the
payment made by the political subdivision to a commercial insurer for
like coverage for the twelve (12) month period immediately preceding
the political subdivision's application to become a member. In the case
of an applicant not insured by a commercial insurer, the department
shall set the amount of the assessment for the first twelve (12) months
of membership in accordance with subsection (a).

Legislative History

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