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 ($5,000,000), subtract five million dollars ($5,000,000) from the total amount of the liability.
STEP TWO: Add the remainder under STEP ONE to the minimum total amount figure that applies to the liability under section 12 of this chapter.
STEP THREE: Add to the sum determined under STEP TWO the total amount expended by the commission under section 16 of this chapter in defending the member of the fund against claims giving rise to the liability.
STEP FOUR: Subtract the sum determined under STEP THREE from the total amount of 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