§ 27-7-2-29 — Rejected risks; designation of insurer; reinsurance

Indiana § 27-7-2-29

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 7: SPECIAL TYPES OF INSURANCE
• Ch. 2: Worker's Compensation

Text

(a) When any such rejected risk is called to
the attention of the worker's compensation board and it appearing to the
board that said risk is in good faith entitled to coverage, said bureau
upon the order of the board shall fix the initial premium for the
coverage.
(b) Upon payment, of the premium fixed under subsection (a), the
bureau shall designate a member of said bureau whose duty it shall be
to issue a policy containing the usual and customary provisions found
in such policies therefor. However, for this undertaking all members of
said bureau shall be reinsurers as among themselves in the amount
which the compensation insurance written in this state during the
preceding calendar year by such member bears to the total
compensation insurance written in this state during the preceding year
by all members of said bureau.
Formerly: Acts 1935, c.323, s.29. As amended by P.L.28-1988,
SEC.101.