Indiana Code 27-1-29.1-24. Expiration of chapter; certification by commissioner

Sec. 24. This chapter expires when the insurance commissioner certifies to the executive director of the legislative services agency that:

(1) the fund has no remaining members;

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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.

(2) all payments of liabilities of former members of the fund have been determined and finalized; and

(3) the balance in the fund has been distributed to former members of the fund in accordance with section 23(b)(4) of this chapter.

As added by P.L.46-2023, SEC.5.