§ 27-6-8-5 — Creation of the association

There is created a nonprofit unincorporated legal
entity to be known as the Indiana Insurance Guaranty Association
(referred to in this chapter as the "association"). All insurers defined as
member insurers in section 4(a)(7) of this chapter shall be and remain
members of the association as a condition of their authority to transact
insurance in this state. The association shall perform its functions
under a plan of operation established and approved under section 8 of
this chapter and shall exercise its powers through a board of directors
established under section 6 of this chapter. For purposes of
administration and assessment, the association shall be divided into
three (3) separate accounts:
(1) The worker's compensation insurance account.
(2) The automobile insurance account.
(3) The account for all other insurance to which this chapter
applies.
Formerly: Acts 1971, P.L.390, SEC.1. As amended by
P.L.252-1985, SEC.221; P.L.28-1988, SEC.83; P.L.52-2013, SEC.3;
P.L.158-2024, SEC.21.