Sec. 21. After relinquishing its membership in the fund, a political subdivision remains liable for its pro rata share of assessments to pay for liabilities of fund members that arose out of claims based upon acts or omissions that took place while the political subdivision was a member of the fund. If a political subdivision fails to pay an assessment to which it is subject under this chapter, the commission may give notice to any department or agency of the state (including the treasurer of state or the auditor of state) that is the custodian of money payable to the delinquent political subdivision after the date of the notice, that the political subdivision is in default on the payment of an assessment under this chapter. After receiving this notice, the department or agency shall withhold the delinquent amount from the money payable to the political subdivision and pay over the money to the commission to be applied against the delinquent assessment.
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