Sec. 12. (a) A liability of a member of the fund that is not a member of the political subdivision risk management fund under IC 27-1-29 does not qualify for partial payment under this chapter unless the total amount of the liability exceeds:
(1) one million dollars ($1,000,000); or
(2) another sum that is:
(A) greater than one million dollars ($1,000,000); and
(B) approved by the commission as a provision of the fund member's coverage because the fund member has underlying coverage with limits of liability that exceed one million dollars ($1,000,000).
(b) A liability of a member of the fund that is also a member of the political subdivision risk management fund under IC 27-1-29 does not qualify for partial payment under this chapter unless the amount of the liability exceeds the amount of liability payable by the commission under IC 27-1-29 under the terms of the coverage document that is issued to the fund member and applicable to the liability.
As added by P.L.272-1987, SEC.7.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 29.1. Political Subdivision Catastrophic Liability Fund
27-1-29.1-1. "Commission" Defined
27-1-29.1-3. "Liability" Defined
27-1-29.1-5. "Political Subdivision" Defined
27-1-29.1-6. "Underlying Coverage" Defined
27-1-29.1-7. Establishment of Fund; Purpose; Administration; Expenses; Depositories; Investment
27-1-29.1-8. Reserve Account; Issuance of Bonds to Establish Account; Use of Funds
27-1-29.1-9. Membership Eligibility; Rights and Duties
27-1-29.1-10. Liabilities Qualifying for Partial Payment From Fund; Notice of Claim
27-1-29.1-11. Preexisting Liabilities Qualifying for Partial Payment
27-1-29.1-13. Liability Partial Payment Determination; Formula
27-1-29.1-14. Excess Coverage Provided
27-1-29.1-15. Single or Installment Payments; Limits
27-1-29.1-16. Defense of Claims; Expenses
27-1-29.1-17. Biannual Recognition of Liabilities; Payment; Proration in Event of Insufficient Funds
27-1-29.1-19. Notice of Intent to Become Member of Fund
27-1-29.1-21. Relinquishment of Membership in Fund; Prerelinquishment Liabilities; Assessments