SB 367 Summary

• Requires persons holding a retailer's license or permit to sell alcoholic beverages for on-premises consumption to obtain and maintain liability insurance coverage after December 31, 2012.

• Allows the Department of Insurance to issue a certificate of self-insurance to applicants who demonstrate financial ability to pay judgments for damages arising from alcoholic beverage sales.

• Directs the commissioner of the Department of Insurance to adopt rules establishing minimum amounts of insurance and self-insurance coverage required under this chapter.

• Subjects violators to penalties described in IC 7.1-3-23.

• Effective July 1, 2010, with the commissioner required to adopt implementing rules by January 1, 2012.