Sec. 7. (a) Notwithstanding any other law, two (2) or more independent postsecondary educational institutions may establish a trust under Indiana law to establish and maintain a self-insurance
consortium through which the independent educational institutions jointly maintain a
self-insurance fund to cover certain retained risks and jointly purchase stop-loss
insurance coverage. The coverage for retained risks or stop-loss insurance coverage provided for through the trust may include any of the following types of coverage:
(1) Property and casualty coverage.
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Terms Used In Indiana Code 27-1-39-7
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- self-insurance fund: means a fund established by a consortium to provide money sufficient to:
Indiana Code 27-1-39-6
(3) Employee health coverage.
(4) Employee vision coverage.
(5) Employee dental coverage.
(6) Other coverage.
(b) If the coverage described in subsection (a)(3), (a)(4), or (a)(5) is provided through the self-insurance fund, the coverage must be provided through a multiple employer welfare arrangement regulated under IC 27-1-34.
As added by P.L.38-2006, SEC.1. Amended by P.L.2-2007, SEC.354.
