Title 26, Title 26 — Insurance Code

Duties and powers of association. (a) Except as provided in subsection (c) of this section, the association shall: (i) Be obligated to pay covered claims: (A) Existing prior to the determination of insolvency and arising within thirty (30) days after the determination of insolven…

Member insurer assessments. (a) The assessments of each member insurer shall be in the proportion that the net direct written premiums of the member insurer for the preceding calendar year bears to the net direct written premiums of all member insurers for the preceding calendar …

Plan of operation. (a) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the association's fair, reasonable and equitable administration. The plan of operation and any amendments thereto are effective u…

Duties and powers of commissioner; judicial review. (a) The commissioner shall: (i) Notify the association of an insolvent insurer's existence not later than three (3) days after he receives notice of the insolvency determination; (ii) Upon request of the board of directors, prov…

Insured's rights and liabilities; settlements binding on receiver or liquidator; priority of claims; statements to be filed with receiver or liquidator. (a) Any person recovering under this chapter assigns his rights under the policy to the association to the extent of his recove…

Exhaustion of remedies under policy; claims recoverable from more than one association; claim limitation. (a) Any person having a claim against an insurer under an insurance policy other than a policy of an insolvent insurer which is also a covered claim, shall first exhaust his …

Aids in detection and prevention of insurer insolvencies. (a) To aid in the detection and prevention of insurer insolvencies: (i) The board of directors shall: (A) Upon majority vote, notify the commissioner of any information indicating any member insurer may be insolvent or in …

Examination and regulation of association by commissioner; annual financial report. The association is subject to the commissioner's examination and regulation. Not later than March 31 of each year, the board of directors shall submit a financial report for the preceding calendar…

Exemption from payment of fees and taxes. The association is exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on property.

Rates and premiums to be sufficient to recoup assessments paid to association. The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts the member insurer pays to the association less…

No liability for lawful action. There is no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors or the commissioner or his representatives for any lawful action th…

Stay of proceedings against insolvent insurer; setting aside judgment. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall be stayed for sixty (60) days from the date the insolvency is determined to permit p…