Sec. 0.1. (a) The amendments made to sections 4 and 7 of this chapter by P.L.163-1988 apply to cases involving an order of liquidation entered after June 30, 1988. For cases involving an order of liquidation entered before July 1, 1988, the laws that apply are sections 4 and 7 of this chapter, as in […]
Sec. 1. (Short Title) This chapter may be cited as the “Indiana Insurance Guaranty Association Law of 1971.” Formerly: Acts 1971, P.L.390, SEC.1.
Sec. 10. (Effect of Paid Claims) (a) Any person recovering under this chapter shall be deemed to have assigned the person’s rights under the policy to the association to the extent of the person’s recovery from the association. Every insured or claimant seeking the protection of this chapter shall cooperate with the association to the […]
Sec. 11. (a) For purposes of this section, “coverage provided by any other insurance policy” includes: (1) coverage under an insured health plan, a health maintenance organization, a hospital plan corporation, a professional health service corporation, or a disability insurance policy; and (2) any amount payable by or on behalf of a self-insurer. However, the […]
Sec. 11.5. (a) The association is not obligated to pay a first party claim by a high net worth insured described in section 4(5)(A) of this chapter. (b) The association has the right to recover from a high net worth insured described in section 4(5)(B) of this chapter all amounts paid by the association to […]
Sec. 12. To aid in the detection and prevention of insurer insolvencies: (1) Every member insurer shall file with the NAIC for use in their Early Warning System on or before March 1 of each year a financial statement of the same type and content as required by IC 27-1-20-21. (2) It shall be the […]
Sec. 13. (Examination of the Association) The Association shall be subject to examination and regulation by the commissioner. The board of directors shall submit, not later than March 30th of each year, a financial report for the preceding calendar year in a form approved by the commissioner. Formerly: Acts 1971, P.L.390, SEC.1.
Sec. 14. (Tax Exemption) The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions except taxes levied on real or personal property. Formerly: Acts 1971, P.L.390, SEC.1.
Sec. 15. (a) Member insurers, which during any preceding calendar year shall have paid one (1) or more assessments levied pursuant to section 7 of this chapter, shall be allowed a credit against premium taxes, adjusted gross income taxes, or any combination thereof upon revenue or income of member insurers which may be imposed by […]
Sec. 16. (Immunity) There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors, or the commissioner or his representatives for any action taken by them in the performance of their powers […]
Sec. 17. (Stay of Proceedings; Reopening of Default Judgments) All proceedings in which the insolvent insurer is a party or is obligated to defend a party in court in this state shall be stayed for up to six (6) months and such additional time thereafter as may be determined by the court from the date […]
Sec. 18. The liquidator, receiver, or statutory successor of an insolvent insurer covered by this chapter shall permit access by the board or its authorized representative to such of the insolvent insurers records which are necessary for the board in carrying out its functions under this chapter with regard to covered claims. In addition, the […]
Sec. 19. No person, including an insurer, insurance producer, or affiliate of an insurer, shall make, publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated or placed before the public, in any newspaper, magazine or other publication, or in the form of a notice, circular, […]
Sec. 2. (Purpose) The purpose of this chapter is to provide a mechanism for the payment of claims under certain insurance policies to avoid excessive delay in payment and to avoid excessive financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, […]
Sec. 3. This chapter applies to all kinds of direct insurance except: (1) life, annuity, health, or disability insurance; (2) mortgage guaranty, financial guaranty, or other forms of insurance offering protection against investment risks; (3) fidelity or surety bonds, or any other bonding obligations; (4) credit insurance, vendors’ single interest insurance, or collateral protection insurance […]
Sec. 4. As used in this chapter, unless otherwise provided: (1) The term “account” means any one (1) of the three (3) accounts created by section 5 of this chapter. (2) The term “association” means the Indiana Insurance Guaranty Association created by section 5 of this chapter. (3) The term “commissioner” means the commissioner of […]
Sec. 5. There is created a nonprofit unincorporated legal entity to be known as the Indiana Insurance Guaranty Association (referred to in this chapter as the “association”). All insurers defined as member insurers in section 4(7) of this chapter shall be and remain members of the association as a condition of their authority to transact […]
Sec. 6. (a) The board of directors of the association shall consist of nine (9) persons serving terms as established in the association’s plan of operation. The directors who represent member insurers must be selected by member insurers, subject to the approval of the commissioner. (b) Not more than one (1) member insurer in a […]
Sec. 7. (a) The association shall do all of the following: (1) Be obligated to pay covered claims existing before the order of liquidation, or arising within thirty (30) days after the order of liquidation, or before the policy expiration date if less than thirty (30) days after the order of liquidation, or before the […]
Sec. 8. (a)(i) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and amendments thereto shall become effective upon approval in writing by the commissioner. (ii) If the association fails to […]
