CHAPTER 17. RESIDUAL MALPRACTICE INSURANCE AUTHORITY

IC 34-18-17
    Chapter 17. Residual Malpractice Insurance Authority

IC 34-18-17-1
Purpose of chapter
    Sec. 1. The purpose of this chapter is to make malpractice liabilityinsurance available to risks (as defined in this article).
As added by P.L.1-1998, SEC.13.

IC 34-18-17-2
Residual malpractice authority created
    Sec. 2. (a) The residual malpractice insurance authority is created.
    (b) The department of insurance is designated as the residualmalpractice insurance authority for the purposes of this article.
    (c) The authority may engage in making malpractice liabilityinsurance, as described in IC 27-1-5-1, Class 2(h), in Indiana.
As added by P.L.1-1998, SEC.13.

IC 34-18-17-3
Appointment of risk manager; liability limit
    Sec. 3. The commissioner shall appoint a risk manager for theauthority. The separate, personal, or independent assets of the riskmanager are not liable for or subject to use or expenditure for thepurpose of providing insurance by the authority.
As added by P.L.1-1998, SEC.13.

IC 34-18-17-4
Powers and duties of risk manager
    Sec. 4. In the administration and provision for malpracticeliability insurance by the authority, the risk manager shall do thefollowing:
        (1) Obey all Indiana statutes and rules that apply to insurancedescribed in IC 27-1-5-1, Class 2(h).
        (2) Prepare and file appropriate forms with the department ofinsurance.
        (3) Prepare and file premium rates with the department ofinsurance.
        (4) Perform the underwriting function.
        (5) Dispose of all claims and litigations arising out of insurancepolicies.
        (6) Maintain adequate books and records.
        (7) File an annual financial statement regarding its operationsunder this chapter with the department of insurance on formsprescribed by the commissioner.
        (8) Obtain private reinsurance for the authority, if necessary.
        (9) Prepare and file for approval of the commissioner aschedule of agent's compensation.
        (10) Prepare and file a plan of operations with thecommissioner for approval.
As added by P.L.1-1998, SEC.13.
IC 34-18-17-5
Compensation of risk manager
    Sec. 5. The risk manager shall receive, as compensation forservices, a percentage of all premiums received by the risk managerunder this chapter, as determined by the commissioner. The rate ofcompensation may be adjusted by the commissioner.
As added by P.L.1-1998, SEC.13.

IC 34-18-17-6
Applications for insurance
    Sec. 6. If a risk, after diligent effort, has been declined by at leasttwo (2) insurers, the risk may forward an application to the riskmanager, together with evidence of the two (2) declinations.
As added by P.L.1-1998, SEC.13.

IC 34-18-17-7
Rejection of risk by manager; appeal
    Sec. 7. If the risk manager declines to accept the risk, notice ofdeclination, together with the reasons, shall be sent to the applicantand the commissioner. The applicant has ten (10) days after the dateof notice to file an appeal for review by the commissioner. Onappeal, the commissioner shall review the decision of the riskmanager and enter an appropriate order.
As added by P.L.1-1998, SEC.13.

IC 34-18-17-8
Investment of surplus premiums over losses; segregation of funds
    Sec. 8. All money appropriated by the state and any surplus ofpremiums over losses and expenses received by the authority shall beplaced in a segregated fund and shall be invested and reinvested bythe commissioner within the limitations set forth in IC 27-1-13.Investment income generated shall remain in the segregated fund.
As added by P.L.1-1998, SEC.13.