IN SB0431

Amends Indiana Code Chapter 27-6-8 regarding the Indiana Insurance Guaranty Association, effective July 1, 2013

Restructures the definition of "covered claim" to exclude claims by high net worth insureds with consolidated net worth exceeding $25 million (first party claims) or $50 million (third party claims) as of December 31 preceding insurer insolvency

Modifies claim payment obligations to pay full worker's compensation benefits, limit unearned premium returns to 80% or $650 per month (maximum 12 months), and cap other claims at $300,000 per occurrence

Requires claimants to exhaust other available insurance coverage before seeking recovery from the association, except for life insurance policies and claims against insolvent insurers

Establishes exclusive jurisdiction in Marion County Circuit Court for all association actions and applies amendments only to insurers placed under liquidation orders after July 1, 2013