Sec. 10. (a) The political subdivision risk management fund is established for the purpose of:
(1) paying the liabilities of political subdivisions to the extent specified in this chapter;
(2) receiving assessments paid by political subdivisions to replenish the fund and to pay the principal of and interest on bonds or notes issued by the commission under section 17(b)(2) of this chapter; and
(3) receiving money from any other source.
(b) The fund shall be administered by the commission.
(c) The expenses of administering the fund shall be paid from money in the fund.
(d) All money received by the commission under this chapter, whether as assessments, proceeds from the sale of bonds, or revenues, are trust funds, to be held and applied solely as provided in this chapter. Current operating funds shall be kept in depositories selected by the commission. The commission shall deposit with the treasurer of state the money in the fund not currently needed to meet the obligations of the fund, and the treasurer of state shall invest such money for the commission in accordance with the provisions of any resolution or trust agreement that the commission adopts or enters into under this chapter. Interest that accrues from these investments shall be credited to the commission and to the fund.
(e) Money in the fund at the end of a particular fiscal year does not revert to the state general fund.
(f) The commission shall create a reserve account in the fund and shall capitalize the reserve account through the surcharges levied under section 7(b)(10) of this chapter.
As added by P.L.162-1986, SEC.1. Amended by P.L.272-1987, SEC.4.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 29. Indiana Political Subdivision Risk Management Commission
27-1-29-1. "Commission" Defined
27-1-29-3. "Liability" Defined
27-1-29-4. "Political Subdivision" Defined
27-1-29-7. Powers of Commission; Limit on Surcharge Levied Against Members of Fund; Reports
27-1-29-8. Expenses Incurred; Payment
27-1-29-9. Liability Insurance or Indemnification; State Responsibility for Commission Obligations
27-1-29-11. Fund Members; Eligibility; Assessments; Surcharge Levies; Payment of Liabilities
27-1-29-12. Assessments on Members of Fund
27-1-29-13. Payment of Liabilities of Members of Fund; Primary Coverage
27-1-29-14. Eligibility and Guidelines for Payment From Fund
27-1-29-15. Filing Notice of Intent to Become Member of Fund; Relinquishing Membership in Fund
27-1-29-16. Appointment of Members; Rules
27-1-29-17. Bonds or Notes Issued by Commission; Purposes; Status; Procedures
27-1-29-28. Actions Affecting Fund Warranted by Declining Membership or Financial Conditions