Indiana Code Title 27. Insurance § 27-1-39-7

Sec. 7. (a) Notwithstanding any other law, two (2) or more independent postsecondary educational institutions may establish a trust under Indiana law to establish and maintain a self-insurance consortium through which the independent educational institutions jointly maintain a self-insurance fund to cover certain retained risks and jointly purchase stop-loss insurance coverage.  The coverage for retained risks or stop-loss insurance coverage provided for through the trust may include any of the following types of coverage:

(b) If the coverage described in subsection (a)(3), (a)(4), or (a)(5) is provided through the self-insurance fund, the coverage must be provided through a multiple employer welfare arrangement regulated under IC 27-1-34.