Senate Bill 266 Summary

• Expands insurance notice requirements for fire and explosion damage from certain cities to all municipalities in Indiana.

• Requires insurers to notify municipal enforcement authorities within 10 days after receiving a request (if requested within 20 days of the fire or explosion) about existing insurance coverage on damaged buildings or structures.

• Mandates insurers set aside insurance proceeds for municipalities to cover demolition or rehabilitation costs, with the amount being the lesser of 15% of available proceeds or the certified costs.

• Establishes that set-aside funds are placed in an interest-bearing escrow account administered by the municipality, with municipalities having one year after the fire or explosion to claim costs.

• Repeals outdated definition language and applies these requirements to damage occurring after June 30, 2010.