Indiana § 27-1-29.1-8 Reserve account; issuance of bonds to establish account; use of funds

Indiana Statutes

§ 27-1-29.1-8 — Reserve account; issuance of bonds to establish account; use of funds

Indiana § 27-1-29.1-8

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 29.1Political Subdivision Catastrophic Liability Fund

This text of Indiana § 27-1-29.1-8 (Reserve account; issuance of bonds to establish account; use of funds) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-29.1-8 (2026).

Text

(a)The commission shall establish a reserve account in the fund. A balance of at least five million dollars ($5,000,000) must remain in the reserve account. To provide money to establish the reserve account, the commission may issue bonds under IC 27-1-29-17(b)(1). The bonds issued to provide money for the establishment of the reserve account may not exceed a total amount of forty million dollars ($40,000,000).

(b)Money in the reserve account shall be held and applied solely to pay claims against the fund that cannot be paid from other money in the fund.

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(a) The commission shall establish a reserve
account in the fund. A balance of at least five million dollars
($5,000,000) must remain in the reserve account. To provide money to
establish the reserve account, the commission may issue bonds under
IC 27-1-29-17(b)(1). The bonds issued to provide money for the
establishment of the reserve account may not exceed a total amount of
forty million dollars ($40,000,000).
(b) Money in the reserve account shall be held and applied solely to
pay claims against the fund that cannot be paid from other money in the
fund.