Sec. 20. (a) The
commission shall adopt rules under
IC 4-22-2 to implement this chapter.
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Terms Used In Indiana Code 27-1-29.1-20
- 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
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- underlying coverage: refers to any liability insurance policy that names a member of the fund or its officials or employees as a named insured, an additional named insured, an insured, or an additional insured. See Indiana Code 27-1-29.1-6
(c) In accordance with the rules adopted under subsection (a), the commission may provide, to a member of the fund that is not a member of the political subdivision risk management fund under IC 27-1-29, coverage of a liability that exceeds the amount of one million dollars ($1,000,000) but that is subject to reduction by exhaustion of the aggregate limits of liability in the fund member’s underlying coverage.
(d) In accordance with the rules adopted under subsection (a), the commission may provide, to a member of the fund that is also a member of the political subdivision risk management fund under IC 27-1-29, coverage of liabilities for which no coverage is provided under IC 27-1-29.
(e) Except as otherwise specifically provided in this chapter, the commission has the same powers in the administration of the fund as it has in the administration of the political subdivision risk management fund under IC 27-1-29-7(b). A rule adopted by the commission to establish the procedure by which a political subdivision can withdraw from membership in the fund may not provide that a political subdivision continues to be a member of the fund more than twelve (12) months after the political subdivision gives notice to the commissioner of its intention to relinquish its membership.
As added by P.L.272-1987, SEC.7.
