§ 27-7-10-23 — Insurance insolvency guaranty fund

Indiana § 27-7-10-23

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 7: SPECIAL TYPES OF INSURANCE
• Ch. 10: Risk Retention Groups

Text

(a) A risk retention group may not be
required or permitted to join or contribute financially to any insurance
insolvency guaranty fund, or similar mechanism, in Indiana. Neither a
risk retention group, nor its insureds, nor claimants against its insureds
may receive any benefit from any such fund for claims arising under
the insurance policies issued by the risk retention group.
(b) When a purchasing group obtains insurance covering its
members' risks from an insurer that is not authorized in Indiana or from
a risk retention group, no risks, wherever resident or located, are
covered by an insurance guaranty fund or similar mechanism in
Indiana.
(c) When a purchasing group obtains insurance covering its
members' risks from an authorized insurer, only risks resident or
located in Indiana are covered by the state guaranty fund under IC 27-6-8.

Legislative History

As added by P.L.162-1988, SEC.2.