Indiana Code 27-1-39-6. “Self-insurance fund” defined

Sec. 6. As used in this chapter, “self-insurance fund” means a fund established by a consortium to provide money sufficient to:

(1) cover self-insured risk retained by the consortium;

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consortium: refers to a self-insurance consortium established under section 7 of this chapter. See Indiana Code 27-1-39-2
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

(2) pay premiums for stop-loss insurance coverage; and

(3) pay the administrative and other costs of the consortium.

As added by P.L.38-2006, SEC.1.