reglab/housing_qa huggingface dataset:
IN Code § 27-6-6-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 6. Interinsurance|27-6-6-15. Loans or Advances; Purposes; Repayment; Approval; Interest Rate; Restrictions

Sec. 15. The attorney for the subscribers at a reciprocal or interinsurance exchange organized under this law may on behalf of the subscribers borrow or assume a loan or advance for the repayment of a sum of money sufficient to defray the reasonable expenses in the establishment of such an exchange or to enable the attorney for the subscribers at the exchange to comply with any requirement of the law or as a guarantee fund upon agreement. The borrowing or assumption shall first be submitted to and approved by the department, and shall be repaid only out of the surplus, earnings or profits at the exchange with the approval of the department. The department shall withhold its approval of any repayment whenever in its judgment the financial condition of the attorney for the subscribers at such exchange shall warrant, but shall not withhold its approval if after the repayment the attorney-in-fact for subscribers at the exchange shall have and be in possession of a surplus equal to ten percent (10%) or more of the gross annual premium of the subscribers. Any such loan or advance shall not form a part of the legal liabilities of the attorney for the subscribers at the exchange but until repaid, all statements published by the attorney for the subscribers or filed with the department, shall show the amount thereof then remaining unpaid. However, this section shall not be construed as an extension of the liability of any subscriber beyond that expressly provided for in the subscribers' agreement or power of attorney. The per annum interest rate on any loan or advance shall not exceed three-quarters of one percent (.75%) above the prevailing prime bank rate charged by national banks and banks chartered by the state of Indiana with their principal offices in Indiana, or ten percent (10%), whichever is less. The department shall establish the prevailing prime bank rate for each calendar quarter equal to this rate for the first working day of the subsequent calendar quarter. The prime bank rate for any bank on a given day is the rate of interest it charges on unsecured loans made that day to its most credit-worthy customers. In establishing the prevailing prime bank rate the department may use the prime bank rate charged by the fifteen (15) largest banks with their principal offices in Indiana, or such other number as the department deems adequate. The total amount of interest shall be calculated on a three hundred sixty (360) day basis.Formerly: Acts 1919, c.102, s.14a; Acts 1967, c.232, s.11. As amended by Acts 1977, P.L.287, SEC.1.
IN Code § 27-6-7-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 7. Lawsuits Concerning Interinsurance─procedure|27-6-7-1. Actions by or Against Attorney in Fact for Subscribers; Effect of Judgment

Sec. 1. All suits with reference to any matter or claim arising out of, or having any connection with any contract or agreement issued or executed, or any obligation or liability incurred at any reciprocal or interinsurance exchange, shall be brought only by, or against, the attorney in fact for subscribers at said reciprocal or interinsurance exchange, and any judgment obtained or rendered against said attorney in fact, as such, shall be valid and binding on all subscribers exchanging reciprocal or interinsurance contracts through such attorney in fact at said exchange, to the extent to which such subscribers are obligated or may be obligated.Formerly: Acts 1937, c.35, s.1.
IN Code § 27-6-8-0.1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-0.1. Application of Certain Amendments to Chapter

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 effect before July 1, 1988, as if P.L.163-1988 had not been enacted.(b) The amendments made to sections 4, 5, 6, 7, 8, 11, and 11.5 of this chapter during the 2013 regular session of the general assembly do not apply to the following:(1) A member insurer that has been placed under an order of rehabilitation or liquidation before July 1, 2013.(2) The association's obligations under this chapter with respect to a covered claim filed by a claimant or member insurer that has a coverage date before July 1, 2013.The law of this chapter that applies to a member insurer described in subdivision (1) or to the association's obligations described in subdivision (2) is the law of this chapter as in effect before July 1, 2013, as if the amendments made to sections 4, 5, 6, 7, 8, 11, and 11.5 of this chapter during the 2013 regular session of the general assembly had not been made.As added by P.L.220-2011, SEC.432. Amended by P.L.52-2013, SEC.1.
IN Code § 27-6-8-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-1. Short Title

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.
IN Code § 27-6-8-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-2. Purpose

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, and to provide an association to assess the cost of this protection among insurers.Formerly: Acts 1971, P.L.390, SEC.1.
IN Code § 27-6-8-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-3. Scope

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 or similar insurance with the primary purpose of protecting the interests of a creditor arising out of a creditor-debtor transaction;(5) warranty or service contract insurance;(6) title insurance;(7) ocean marine insurance;(8) a transaction between a person or an affiliate of a person and an insurer or an affiliate of an insurer that involves the transfer of investment or credit risk without a transfer of insurance risk;(9) insurance provided by or guaranteed by a government entity; and(10) insurance written on a retroactive basis to cover known losses for which a claim has already been made and the claim is known to the insurer at the time the insurance is bound.Formerly: Acts 1971, P.L.390, SEC.1. As amended by P.L.163-1988, SEC.1; P.L.31-1988, SEC.20.
IN Code § 27-6-8-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-5. Creation of the Association

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 insurance in this state. The association shall perform its functions under a plan of operation established and approved under section 8 of this chapter and shall exercise its powers through a board of directors established under section 6 of this chapter. For purposes of administration and assessment, the association shall be divided into three (3) separate accounts:(1) The worker's compensation insurance account.(2) The automobile insurance account.(3) The account for all other insurance to which this chapter applies.Formerly: Acts 1971, P.L.390, SEC.1. As amended by P.L.252-1985, SEC.221; P.L.28-1988, SEC.83; P.L.52-2013, SEC.3.
IN Code § 27-6-8-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-6. Board of Directors

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 group of insurers under the same management or ownership shall serve as a director at the same time.(c) Directors shall serve such terms as shall be established in the plan of operation.(d) Vacancies on the board shall be filled for the remaining period of the term in the same manner as the initial selection.(e) If no directors are selected by March 1, 1972, the commissioner may appoint the initial members of the board of directors.(f) In approving selections to the board, the commissioner shall consider among other things whether all member insurers are fairly represented.(g) Directors may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors.Formerly: Acts 1971, P.L.390, SEC.1. As amended by P.L.252-1985, SEC.222; P.L.233-1999, SEC.6 and P.L.268-1999, SEC.16; P.L.52-2013, SEC.4.
IN Code § 27-6-8-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-9. Powers and Duties of Commissioner

Sec. 9. (a) The commissioner shall:(i) Notify the association of the existence of an insolvent insurer not later than three (3) working days after the commissioner receives an order of liquidation.(ii) Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.(b) The commissioner may:(i) Require that the association notify the insureds of the insolvent insurer and any other interested parties of the order of liquidation and of their rights under this chapter. This notification shall be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation in all counties in which the insolvent insurer transacted insurance business shall be sufficient.(ii) Require each insurance producer of the insolvent insurer to give prompt written notice by first class mail of such insolvency and the rights of the insured under this chapter to each insured of the insolvent insurer for whom the insurance producer is insurance producer of record, at such insured's last known address.(iii) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine shall not exceed five percent (5%) of the unpaid assessment per month, except that no fine shall be less than one hundred dollars ($100) per month.(iv) Revoke the designation of any servicing facility if the commissioner finds claims are being handled unsatisfactorily.(v) Any final action or order of the commissioner under this chapter shall be subject to judicial review in a court of competent jurisdiction.Formerly: Acts 1971, P.L.390, SEC.1. As amended by P.L.163-1988, SEC.4; P.L.178-2003, SEC.41.
IN Code § 27-6-8-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-10. Effect of Paid Claims

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 same extent as the person would have been required to cooperate with the insolvent insurer. The association shall have no cause of action against the insured of the insolvent insurer for any sums it has paid out except such causes of action as the insolvent insurer would have had if such sums had been paid by the insolvent insurer. In the case of an insolvent insurer operating on a plan with assessment liability, payments of claims of the association shall not operate to reduce the liability of insureds to the receiver, liquidator, or statutory successor for unpaid assessments previously made and no assessment shall be thereafter made for the purpose of reimbursing the association.(b) The receiver, liquidator, or statutory successor of an insolvent insurer shall be bound by settlements of covered claims by the association or a similar organization in another state functioning pursuant to IC 27-6-8-8(d). The court having jurisdiction shall grant such claims priority equal to that which the claimant would have been entitled in the absence of this chapter against the assets of the insolvent insurer. The expenses of the association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses.(c) The association shall periodically file with the receiver or liquidator of the insolvent insurer statements of the covered claims paid by the association and estimates of anticipated claims on the association which shall preserve the rights of the association against the assets of the insolvent insurer.(d) The association shall have a right to recover from the insurance producer of record any part of the paid claim for unearned premium that represents unearned commission to the insurance producer.Formerly: Acts 1971, P.L.390, SEC.1. As amended by Acts 1977, P.L.281, SEC.7; P.L.178-2003, SEC.42.
IN Code § 27-6-8-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-11. Nonduplication of Recovery

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 term does not include coverage under a life insurance policy.(b) Any person having a claim against an insurer shall, in accordance with subsection (c), be required first to exhaust all coverage provided by any other insurance policy, including the right to a defense under the other insurance policy, if the claim under the other insurance policy arises from the same facts, injury, or loss that gave rise to the covered claim against the association under this chapter.(c) The requirement to exhaust coverage provided by any other insurance policy under subsection (b):(1) applies regardless of whether the other insurance policy is written by a member insurer; and(2) does not apply to a right under a:(A) policy written by an insolvent insurer; or(B) life insurance policy.(d) Any person having a claim which may be recovered under more than one (1) insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured except that if it is a first party claim for damage to property with a permanent location, the person shall seek recovery first from the association of the location of the property, and if it is a worker's compensation claim, the person shall seek recovery first from the association of the residence of the claimant. Any recovery under this chapter shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent.Formerly: Acts 1971, P.L.390, SEC.1. As amended by P.L.28-1988, SEC.84; P.L.52-2013, SEC.7.
IN Code § 27-6-8-11.5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-11.5. High Net Worth Insureds; Financial Information

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 or on behalf of the high net worth insured, regardless of whether the amounts were paid for indemnity, defense, or otherwise.(c) The association is not obligated to pay a claim that:(1) would otherwise be a covered claim;(2) is an obligation to or on behalf of a person who has a net worth greater than the net worth allowed by the insurance guaranty association law of the state of residence of the claimant at the time specified by the applicable law of the state of residence of the claimant; and(3) has been denied by the association of the state of residence of the claimant on the basis described in subdivision (2).(d) The association shall establish reasonable procedures, subject to the approval of the commissioner, for requesting financial information from insureds:(1) on a confidential basis; and(2) in the application of this section.(e) The procedures established under subsection (d) must provide for sharing of the financial information obtained from insureds with:(1) any other association that is similar to the association; and(2) the liquidator for an insolvent insurer;on the same confidential basis.(f) If an insured refuses to provide financial information that is:(1) requested under the procedures established under subsection (d); and(2) available;the association may, until the time that the financial information is provided to the association, consider the insured to be a high net worth insured for purposes of subsections (a) and (b).(g) In an action contesting the applicability of this section to an insured that refuses to provide financial information under the procedures established under subsection (d), the insured bears the burden of proof concerning the insured's net worth at the relevant time. If the insured fails to prove that the insured's net worth at the relevant time was less than the applicable amount set forth in section 4(5)(A) or 4(5)(B) of this chapter, the court shall award to the association the association's full costs, expenses, and reasonable attorney's fees incurred in contesting the claim.As added by P.L.52-2013, SEC.8.
IN Code § 27-6-8-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-13. Examination of the Association

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.
IN Code § 27-6-8-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-14. Tax Exemption

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.
IN Code § 27-6-8-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-15. Recoupment of Assessments; Tax Credits

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 the state, up to twenty percent (20%) of the assessment described in section 7 of this chapter for each calendar year following the year the assessment was paid until the aggregate of all assessments paid to the guaranty association shall have been offset by either credits against such taxes or refunds from the association. The provisions herein are applicable to all assessments levied after the passage of this article.(b) To the extent a member insurer elects not to utilize the tax credits authorized by subsection (a), the member insurer may utilize the provisions of subsection (c) as a secondary method of recoupment.(c) The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association and the rates shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurer.Formerly: Acts 1971, P.L.390, SEC.1. As amended by Acts 1977, P.L.281, SEC.9; P.L.163-1986, SEC.1; P.L.192-2002(ss), SEC.167.
IN Code § 27-6-8-16 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-16. Immunity

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 and duties under this chapter.Formerly: Acts 1971, P.L.390, SEC.1.
IN Code § 27-6-8-17 (2021)
2021 Indiana Code|Title 27. Insurance|Article 6. Reinsurance; Interinsurance; Reciprocal Insurance|Chapter 8. Property and Casualty Insurance and Guaranty Association Law|27-6-8-17. Stay of Proceedings; Reopening of Default Judgments

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 the insolvency is determined or an ancillary proceeding is instituted in the state whichever is later to permit proper defense by the association of all pending causes of action. As to any covered claims arising from a judgment under any decision, verdict or finding based on the default of the insolvent insurer or its failure to defend an insured, the association either on its own behalf or on behalf of such insured may apply to have the judgment, order, decision, verdict or finding set aside by the same court or administrator that made the judgment, order, decision, verdict or findings and shall be permitted to defend against the claim on the merits.Formerly: Acts 1971, P.L.390, SEC.1; Acts 1973, P.L.279, SEC.2.