Indiana Code Title 27. Insurance § 27-1-29.1-13
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Sec. 13. The amount that is to be paid by the commission toward the satisfaction of a liability qualifying for partial payment under this chapter is determined in STEP FOUR of the following formula:
STEP ONE: If the total amount of the liability exceeds five million dollars ($5,000,000), subtract five million dollars ($5,000,000) from the total amount of the liability.
STEP TWO: Add the remainder under STEP ONE to the minimum total amount figure that applies to the liability under section 12 of this chapter.
STEP THREE: Add to the sum determined under STEP TWO the total amount expended by the commission under section 16 of this chapter in defending the member of the fund against claims giving rise to the liability.
STEP FOUR: Subtract the sum determined under STEP THREE from the total amount of the liability.
Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-29.1-13 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-29-1-13/
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