Sec. 8. (a) The commission shall establish a reserve account in the fund. A balance of at least five million dollars ($5,000,000) must remain in the reserve account. To provide money to establish the reserve account, the commission may issue bonds under IC 27-1-29-17(b)(1). The bonds issued to provide money for the establishment of the reserve account may not exceed a total amount of forty million dollars ($40,000,000).
(b) Money in the reserve account shall be held and applied solely to pay claims against the fund that cannot be paid from other money in the fund.
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