§ 27-1-29.1-23 — Authorized actions of commissioner; fund

Indiana § 27-1-29.1-23

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

Text

(a) 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(1) all members have withdrawn from the fund; and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 (b).
(b) Under the circumstances set forth in subsection (a), 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 operation of the fund.
(4) Distribute the balance in the fund, including the reserve
account created under section 8 of this chapter, to former
members of the fund, distributing to each former member of the
fund an amount proportional to the total of assessments paid
under section 22 of this chapter by the former member, regardless
of when the former member withdrew from the fund.

Legislative History

As added by P.L.46-2023, SEC.4.