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House Bill 1392

House Bill 1392

ARCHIVE (2006)

Latest Information

DIGEST OF HB 1392 (Updated March 14, 2006 5:53 pm - DI 97)

Insurance matters. Amends HEA 1006-2006 concerning school corporation pooling for insurance to: (1) require creation of a trust; (2) specify the aggregate retention and school corporation contribution levels; and (3) require maintenance of a fidelity bond. Requires a foreign or alien insurance company that provides certain surety bonds to appoint the commissioner of the department of insurance as the company's agent for service of process in certain actions. Defines "commercial policyholder" for purposes of the law concerning regulation of insurance rates. Removes certain requirements concerning commercial insurance issued by an insurer that maintains a certain rating. Changes reporting requirements for insurers concerning commercial insurance. Amends the life and health insurance guaranty association (association) law. Specifies certain information concerning: (1) association coverage for Indiana residents and nonresidents insured by domestic and nondomestic insurers; (2) association accounts; (3) assessment procedures; (4) subrogation; (5) powers and duties of the association, the board of directors of the association, and the commissioner of the department of insurance with respect to the association; (6) plan of operation of the association; (7) prevention of insolvencies; (8) immunity; and (9) notice to policy owners and contract owners. Repeals and replaces provisions concerning association coverage. Repeals a provision that requires an insurer that insures a public entity as an exempt commercial policyholder to maintain a certain rating. Allows certain members of the political subdivision catastrophic liability fund to withdraw from the fund and receive a rebate of a part of the member's previous assessments. Makes a conforming amendment.
Current Status:
Law Enacted
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