Sec. 22. (a) The
commission shall impose an assessment to be paid by each
member of the
fund. The assessments to be paid by members of the fund shall be determined by the commission and must be fair to all members, in consideration of the uniform application of actuarial principles and underwriters’ rating principles and in consideration of the need to pay the principal of and interest on bonds or notes issued under
IC 27-1-29-17(b)(1). A member shall pay its assessment in accordance with rules of the commission.
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Terms Used In Indiana Code 27-1-29.1-22
- 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
- Department: means "the department of insurance" 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
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- 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
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- political subdivision: has the meaning set forth in IC 34-6-2-110. See Indiana Code 27-1-29.1-5
As added by P.L.272-1987, SEC.7.
