2012 Indiana Code
TITLE 27. INSURANCE
ARTICLE 6. REINSURANCE; INTERINSURANCE; RECIPROCAL INSURANCE
CHAPTER 5. FEDERAL REINSURANCE
IC 27-6-5Chapter 5. Federal Reinsurance
IC 27-6-5-1
Cooperation with United States; report
Sec. 1. (a) In order to obtain for the citizens of the state of Indiana and for their insurers the benefit of federal reinsurance against property losses resulting from riots and civil disorders, as provided in the Urban Property Protection and Reinsurance Act of 1968 (12 U.S.C. 1749bbb et seq.), the state of Indiana is hereby authorized to cooperate with the United States government and its Secretary of Housing and Urban Development. The Indiana insurance commissioner is hereby designated as the state agency to cooperate with the federal government pursuant to that act.
(b) The insurance commissioner shall annually report to the general assembly on the statewide plan to assure fair access to insurance requirements (FAIR plan, as provided in 12 U.S.C. 1749bbb-3). The report must be submitted no later than November 1 of each year. The report must contain information concerning the classes of coverage provided under the plan during the preceding year and any other information requested by the general assembly. The report must be in an electronic format under IC 5-14-6.
(Formerly: Acts 1969, c.429, s.1.) As amended by P.L.252-1985, SEC.215; P.L.162-1988, SEC.1; P.L.28-2004, SEC.167.
IC 27-6-5-2
Appropriations
Sec. 2. There is hereby appropriated to the insurance commissioner of the state of Indiana from any moneys in the general fund of the state not otherwise appropriated the amount of money, if any, which may be required to maintain the availability of federal reinsurance in the state of Indiana pursuant to the federal act referred to in section 1 of this chapter, up to a maximum amount in a current year of five percent (5%) of the aggregate property insurance premiums earned in Indiana during the preceding calendar year on those lines of insurance reinsured by the Secretary in Indiana during a current year, said amount to be ordered by the said insurance commissioner to be paid to the Secretary of Housing and Urban Development as provided in the said federal act.
(Formerly: Acts 1969, c.429, s.2.) As amended by P.L.252-1985, SEC.216.
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