HB 1192 Summary

• Requires insurers to notify municipal enforcement authorities within 10 days of receiving a request about insurance coverage for buildings or structures damaged by fire or explosion in their jurisdiction.

• Expands applicability from certain cities to all municipalities by changing "city" definitions throughout the statute.

• Mandates insurers set aside insurance proceeds (lesser of 15% of available proceeds or the certified amount) in an interest-bearing escrow account for municipal demolition and rehabilitation expenses under IC 36-7-9.

• Establishes a one-year deadline for municipalities to claim escrowed proceeds from the date of fire/explosion or final case outcome, whichever is later; unclaimed funds revert to the insured.

• Effective July 1, 2010, and repeals the unnecessary definition section IC 27-2-15-2.