Indiana Code 27-1-29.1-19. Notice of intent to become member of fund
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Sec. 19. (a) A political subdivision may become a member of the fund by filing a written notice of its intent to become a member with the commission by the latter of the following dates:
(2) The date exactly six (6) months before the expiration date of the liability insurance policy covering the political subdivision on December 31, 1987.
(1) December 31, 1987.
Terms Used In Indiana Code 27-1-29.1-19
- commission: refers to the Indiana political subdivision risk management commission established by IC 27-1-29-5. See Indiana Code 27-1-29.1-1
- fund: refers to the political subdivision catastrophic liability fund established by this chapter. See Indiana Code 27-1-29.1-2
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- liability: means an obligation arising from:
Indiana Code 27-1-29.1-3
- member: refers to any political subdivision that has a membership in the fund, as provided in section 9 of this chapter. See Indiana Code 27-1-29.1-4
- political subdivision: has the meaning set forth in IC 34-6-2-110. See Indiana Code 27-1-29.1-5
(b) Each political subdivision that files a notice of intent to become a member by the latter of the two (2) dates set forth in subsection (a) shall be granted membership in the fund. A political subdivision that files a notice of intent to become a member after the latter of the two (2) dates set forth in subsection (a) may be admitted to or rejected for membership in the fund at the discretion of the commission.
As added by P.L.272-1987, SEC.7.