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Indiana Code Title 27. Insurance § 27-1-29-28

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 28. (a) As used in this section, “fund” means the political subdivision risk management fund established by section 10 of this chapter.

(b) Upon a determination by the commissioner that:

(1) all members have withdrawn from the fund;  and

(2) all payments of liabilities of former members of the fund have been determined and finalized;

the commissioner is authorized to take action under subsection (c).

(c) Under the circumstances set forth in subsection (b), the commissioner shall do the following with respect to the fund:

(1) Prevent any political subdivision that is not already a member of the fund from becoming a member.

(2) Decline to renew the membership of the political subdivisions that are members of the fund.

(3) Cease the operation of the fund.

(4) Distribute the balance in the fund, including the reserve account created under section 10(f) of this chapter, to former members of the fund, distributing to each former member of the fund an amount proportional to the total of:

(A) assessments paid under section 12 of this chapter;  and

(B) surcharges paid under section 7(b)(10) of this chapter;

by the former member, regardless of when the former member withdrew from the fund.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-29-28 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-29-28/

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