Sec. 23. (a) A risk retention group may not be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in Indiana. Neither a risk retention group, nor its insureds, nor claimants against its insureds may receive any benefit from any such fund for claims arising under the insurance policies issued by the risk retention group.
(b) When a purchasing group obtains insurance covering its members' risks from an insurer that is not authorized in Indiana or from a risk retention group, no risks, wherever resident or located, are covered by an insurance guaranty fund or similar mechanism in Indiana.
(c) When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in Indiana are covered by the state guaranty fund under IC 27-6-8.
As added by P.L.162-1988, SEC.2.
Structure Indiana Code
Article 7. Special Types of Insurance
Chapter 10. Risk Retention Groups
27-7-10-1. "Commissioner" Defined
27-7-10-2. "Completed Operations Liability" Defined
27-7-10-4. "Hazardous Financial Condition" Defined
27-7-10-5. "Insurance" Defined
27-7-10-6. "Liability" Defined
27-7-10-7. "Personal Risk Liability" Defined
27-7-10-8. "Plan of Operation or Feasibility Study" Defined
27-7-10-9. "Product Liability" Defined
27-7-10-10. "Purchasing Group" Defined
27-7-10-11. "Risk Retention Group" Defined
27-7-10-15. Premium Taxes and Taxes on Premiums; Liability; Report of Premiums; Policy Records
27-7-10-16. Foreign Risk Retention Groups; Compliance With Business Practice Provisions
27-7-10-17. Examination of Foreign Risk Retention Groups
27-7-10-18. Notice; Applications and Policies
27-7-10-20. Insurance Company Membership in Risk Retention Group
27-7-10-21. Prohibited Coverage
27-7-10-23. Insurance Insolvency Guaranty Fund
27-7-10-24. Countersignature on Policies
27-7-10-25. Purchasing Groups and Their Insurers; Application of Indiana Law; Exemptions
27-7-10-28. Premium Taxes; Taxes on Premiums; Calculations
27-7-10-29. Enforcement; Scope of Authority
27-7-10-30. Solicitation, Negotiation, or Procurement of Liability Insurance; License Requirements
27-7-10-32. Insurance Producers for Risk Retention Groups; Residence; Notice