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IN HB1021

Bill

Official Source

Status

Passed

4/17/2015

Primary Sponsor

Ronald Bacon

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Amends Indiana Code Section 27-7-9-9 concerning mine subsidence insurance reinsurance agreements, effective July 1, 2015
  • Increases the maximum limit of mine subsidence coverage per structure insured from $200,000 to $500,000
  • Insurers cede 100% of mine subsidence coverage to the commissioner subject to the new maximum limit
  • Insurers collect premiums, retain a ceding commission set by the commissioner, and remit remainder to the mine subsidence insurance fund
  • Commissioner reimburses insurers from the fund for mine subsidence claims paid to policyholders

Legislative Description

Limit on mine subsidence insurance coverage. Raises the maximum amount of mine subsidence insurance coverage that may be reinsured (and thus the maximum amount of mine subsidence coverage that is available) from $200,000 per structure to $500,000 per structure.

Last Action

Public Law 35

4/17/2015

Committee Referrals

Insurance & Financial Institutions2/24/2015
Insurance1/6/2015

Full Bill Text

No bill text available