2012 Indiana Code
TITLE 27. INSURANCE
ARTICLE 18. SURPLUS LINES INSURANCE COMPACT
CHAPTER 12. FINANCE

IC 27-18-12
Chapter 12. Finance

IC 27-18-12-1
Funding of commission operations
Sec. 1. (a) The commission shall pay or provide for the payment of the reasonable expenses of the commission's establishment and organization.
(b) To fund the cost of the commission's initial operations, the commission may accept contributions, grants, and other forms of funding from state stamping offices, compacting states, and other sources.
As added by P.L.111-2011, SEC.1.

IC 27-18-12-2
Collection of fees
Sec. 2. (a) The commission shall collect a fee, payable by the insured directly or through a surplus lines licensee, on each transaction processed through the compact clearinghouse, to cover the cost of the operations and activities of the commission and the commission's staff.
(b) The revenue from the fee collected under subsection (a) must be sufficient to cover the commission's annual budget.
As added by P.L.111-2011, SEC.1.

IC 27-18-12-3
Budget approval
Sec. 3. The commission's budget for a fiscal year shall not be approved until the budget has been subject to notice and comment as provided in IC 27-18-8.
As added by P.L.111-2011, SEC.1.

IC 27-18-12-4
Commission performance of essential governmental functions
Sec. 4. (a) The commission shall be regarded as performing essential governmental functions in:
(1) exercising the commission's powers and functions; and
(2) carrying out the provisions of:
(A) this compact; and
(B) any law relating to this compact.
(b) The commission is not required to pay a tax or assessment of any kind levied by a state or political subdivision upon:
(1) property used by the commission for; or
(2) income or revenue resulting from;
purposes described in subsection (a), including any profit from a sale or an exchange.
As added by P.L.111-2011, SEC.1.

IC 27-18-12-5
Commission fund accounts Sec. 5. (a) The commission shall keep complete and accurate accounts of all of the commission's:
(1) internal receipts, including grants and donations; and
(2) disbursements;
for all funds under the commission's control.
(b) The internal financial accounts of the commission are subject to the accounting procedures established under the bylaws.
(c) The financial accounts and reports of the commission, including the system of internal controls and procedures of the commission, must be audited annually by an independent certified public accountant.
(d) Upon the determination of the commission, but not less than every three (3) years, the annual audit conducted by the independent auditor under subsection (c) must include a management and performance audit of the commission.
(e) The commission shall make an annual report to the governors and legislatures of the compacting states, including a report of the independent audit conducted under subsection (c).
(f) Subject to subsection (g), the commission's internal accounts are not confidential and may be shared with the commissioner, controller, or stamping office of a compacting state upon request.
(g) The commission shall maintain the confidentiality of the following:
(1) Work papers related to an internal or independent audit.
(2) Information regarding the privacy of individuals.
(3) Licensees' and insurers' proprietary information, including trade secrets.
As added by P.L.111-2011, SEC.1.

IC 27-18-12-6
Commission property; funds
Sec. 6. A compacting state does not have a claim to or ownership of:
(1) property held by or vested in the commission; or
(2) commission funds held under this compact.
As added by P.L.111-2011, SEC.1.

IC 27-18-12-7
Prohibition on political activities
Sec. 7. (a) The commission shall not make political contributions to candidates for elected office, elected officials, political parties, or political action committees.
(b) The commission shall not engage in lobbying, except with respect to changes to this compact.
As added by P.L.111-2011, SEC.1.