Title 27, INSURANCE

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 ($5,0…

Sec. 14. The coverage of a liability under this chapter is excess of any and all other valid and collectible insurance and coverage under liability risk management, risk sharing, and risk financing pools or funds. As added by P.L.272-1987, SEC.7.

Sec. 15. An amount payable under section 13 of this chapter that is no more than ten thousand dollars ($10,000) may be paid in a single, immediate payment. An amount payable under section 13 of this chapter that is greater than ten thousand dollars ($10,000) shall be paid: (1) in…

Sec. 16. The commission may associate with a member of the fund in the defense of a claim and, if no defense is provided by the insurer providing the fund member's underlying coverage, the commission may defend the member and control that defense. Amounts expended by the commissi…

of insufficient funds Sec. 17. On June 30 and December 31 of every year, the commission shall recognize every liability that has qualified for partial payment under this section during the six (6) month period that ended on that day. The commission shall pay the part of each liab…

Sec. 18. (a) No amount may be paid from the fund in respect of punitive damages paid by or assessed against a member of the fund. (b) No amount may be paid from the fund in the case of a liability based upon bodily injury or property damage arising out of the discharge, dispersal…

Sec. 19. (a) A political subdivision may become a member of the fund by filing a written notice of its intent to become a member with the commission by the latter of the following dates: (1) December 31, 1987. (2) The date exactly six (6) months before the expiration date of the …

Sec. 2. As used in this chapter "fund" refers to the political subdivision catastrophic liability fund established by this chapter. As added by P.L.272-1987, SEC.7.

Sec. 20. (a) The commission shall adopt rules under IC 4-22-2 to implement this chapter. (b) The commission, in accordance with the rules adopted under subsection (a), may, in whole or in part, conform or limit the coverage provided to a member of the fund under this chapter (as …

Sec. 21. After relinquishing its membership in the fund, a political subdivision remains liable for its pro rata share of assessments to pay for liabilities of fund members that arose out of claims based upon acts or omissions that took place while the political subdivision was a…

Sec. 22. (a) The commission shall impose an assessment to be paid by each member of the fund. The assessments to be paid by members of the fund shall be determined by the commission and must be fair to all members, in consideration of the uniform application of actuarial principl…

Sec. 23. (a) 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 (b). (b) …

Sec. 24. This chapter expires when the insurance commissioner certifies to the executive director of the legislative services agency that: (1) the fund has no remaining members; (2) all payments of liabilities of former members of the fund have been determined and finalized; and …

Sec. 3. As used in this chapter, "liability" means an obligation arising from: (1) multiple claims for the payment of money that are within the limits set forth in IC 34-13-3-4 (or IC 34-4-16.5-4 before its repeal) and that arise from a single catastrophic occurrence; or (2) any …

Sec. 4. As used in this chapter "member" refers to any political subdivision that has a membership in the fund, as provided in section 9 of this chapter. As added by P.L.272-1987, SEC.7.

Sec. 5. As used in this chapter, "political subdivision" has the meaning set forth in IC 34-6-2.1-155. As added by P.L.272-1987, SEC.7. Amended by P.L.3-1989, SEC.152; P.L.1-1998, SEC.147; P.L.186-2025, SEC.146.

Sec. 6. As used in this chapter, "underlying coverage" refers to any liability insurance policy that names a member of the fund or its officials or employees as a named insured, an additional named insured, an insured, or an additional insured. As added by P.L.272-1987, SEC.7.

Sec. 7. (a) The political subdivision catastrophic liability fund is established for the purpose of: (1) paying a part of certain liabilities of members of the fund under this chapter; (2) receiving assessments paid by fund members to replenish the fund and to pay the principal o…

Sec. 8. (a) The commission shall establish a reserve account in the fund. A balance of at least five million dollars ($5,000,000) must remain in the reserve account. To provide money to establish the reserve account, the commission may issue bonds under IC 27-1-29-17(b)(1). The b…

Sec. 9. All political subdivisions that satisfy the criteria for membership under the rules of the commission are eligible for membership in the fund. A political subdivision is not required to be a member of the political subdivision risk management fund under IC 27-1-29 to be e…