House Bill (S)

Authored by

Sponsored by

DIGEST

Political subdivision risk management. Requires the Indiana Public Employer's Plan, Inc. (IPEP), which was established as a domestic nonprofit corporation, to apply for a certificate of authority to transact business as a domestic mutual insurance company. Provides that, upon receiving the certificate of authority and beginning to transact business as a domestic mutual insurance company, the domestic mutual insurance company succeeds to all powers, duties, agreements, and liabilities of IPEP. Provides that, on January 1, 2017, (unless IPEP fails to begin operating as a domestic mutual insurance company under a certificate of authority issued by the insurance commissioner by that Political subdivision risk management. Requires the Indiana Public Employer's Plan, Inc. (IPEP), which was established as a domestic nonprofit corporation, to apply for a certificate of authority to transact business as a domestic mutual insurance company. Provides that, upon receiving the certificate of authority and beginning to transact business as a domestic mutual insurance company, the domestic mutual insurance company succeeds to all powers, duties, agreements, and liabilities of IPEP. Provides that, on January 1, 2017, (unless IPEP fails to begin operating as a domestic mutual insurance company under a certificate of authority issued by the insurance commissioner by that date) all powers, duties, agreements, and liabilities of the political subdivision risk management commission are transferred to the domestic mutual insurance company. Expires the laws establishing the political subdivision risk management commission, the political subdivision risk management fund, and the political subdivision catastrophic liability fund. Requires the auditor of state to transfer the balances of the political subdivision risk management fund and the political subdivision catastrophic liability fund to the domestic mutual insurance company. Makes conforming amendments. ... View more