Sec. 12. (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 set in fairness to all members, based upon the uniform application of actuarial principles and underwriters' rating principles. A member shall pay its assessment in accordance with rules of the commission.
(b) The assessment for the first twelve (12) months of a political subdivision's membership in the fund shall be no greater than the payment made by the political subdivision to a commercial insurer for like coverage for the twelve (12) month period immediately preceding the political subdivision's application to become a member. In the case of an applicant not insured by a commercial insurer, the commission shall set the amount of the assessment for the first twelve (12) months of membership in accordance with subsection (a).
As added by P.L.162-1986, SEC.1.
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