Chapter 5. Federal Reinsurance
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.
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,