Indiana § 27-1-3-28 Department of insurance fund; establishment; deposits

Indiana Statutes

§ 27-1-3-28 — Department of insurance fund; establishment; deposits

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 3 General Powers and Duties of the Department

(a)The department of insurance fund is established for the following purposes:

(1)To provide supplemental funding for the operations of the department of insurance.

(2)To pay the costs of hiring and employing staff.

(3)To enable the department of insurance to maintain accreditation by the National Association of Insurance Commissioners.

(4)To carry out any other purpose determined necessary by the department of insurance to carry out the department's duties under this title.

(b)The fund shall be administered by the commissioner. The following shall be deposited in the department of insurance fund:

(1)Audit fees remitted by insurers to the commissioner under section 15(d) of this chapter.

(2)Filing fees remitted by insurers to the commissioner under section 15(a) or 15(e) of this ch

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(a) The department of insurance fund is
established for the following purposes:
(1) To provide supplemental funding for the operations of the
department of insurance.
(2) To pay the costs of hiring and employing staff.
(3) To enable the department of insurance to maintain
accreditation by the National Association of Insurance
Commissioners.
(4) To carry out any other purpose determined necessary by the
department of insurance to carry out the department's duties under
this title.
(b) The fund shall be administered by the commissioner. The
following shall be deposited in the department of insurance fund:
(1) Audit fees remitted by insurers to the commissioner under
section 15(d) of this chapter.
(2) Filing fees remitted by insurers to the commissioner under
section 15(a) or 15(e) of this chapter.
(3) Any other amounts remitted to the commissioner or the
department that are required by rule or statute to be deposited into
the department of insurance fund.
(c) The expenses of administering the fund shall be paid from
money in the fund.
(d) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the fund.
(e) Money in the fund at the end of a particular fiscal year does not
revert to the state general fund.
(f) There is annually appropriated to the department of insurance,
for the purposes set forth in subsection (a), the entire amount of money
deposited in the fund in each year.

Indiana § 27-1-3-28 (Department of insurance fund; establishment; deposits) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.130-1994, SEC.7 and P.L.116-1994, SEC.11. Amended by P.L.252-1995, SEC.1; P.L.91-1998, SEC.4; P.L.173-2007, SEC.7; P.L.234-2007, SEC.189; P.L.100-2012, SEC.65.