CHAPTER 4. FINANCIAL RESPONSIBILITY
IC 9-25-4
Chapter 4. Financial Responsibility
IC 9-25-4-1
Persons, generally, who must meet minimum standards; violation;suspension of license or vehicle registration
Sec. 1. (a) This section does not apply to an electric personalassistive mobility device.
(b) A person may not:
(1) register a vehicle; or
(2) operate a vehicle on a public highway;
in Indiana if financial responsibility is not in effect with respect tothe motor vehicle under section 4 of this chapter.
(c) A person who violates this section is subject to the suspensionof the person's current driving license or vehicle registration, or both,under this article.
As added by P.L.2-1991, SEC.13. Amended by P.L.105-1991, SEC.1;P.L.59-1994, SEC.3; P.L.143-2002, SEC.8.
IC 9-25-4-2
Recovery vehicle operators; duty to meet minimum standards;registration of recovery vehicles; proof of financial responsibility;retention of records
Sec. 2. A person who operates a recovery vehicle must meet theminimum standards for financial responsibility that are set forth insection 6 of this chapter. A recovery vehicle may be registered onlyif proof of financial responsibility in amounts required under thissection is produced at the time of registration. The bureau shall retaina record of that proof in the bureau's files.
As added by P.L.2-1991, SEC.13.
IC 9-25-4-3
Continuous maintenance
Sec. 3. Financial responsibility in one (1) of the forms requiredunder this chapter must be continuously maintained as long as amotor vehicle is operated on a road, street, or highway in Indiana.
As added by P.L.2-1991, SEC.13.
IC 9-25-4-4
When financial responsibility in effect; necessary provisions in andapproval of insurance policies
Sec. 4. (a) For the purposes of this article, financial responsibilityis in effect with respect to a motor vehicle if:
(1) a motor vehicle liability insurance policy issued with respectto the vehicle;
(2) a bond executed with respect to the vehicle under section 7of this chapter; or
(3) the status of the owner or operator of the vehicle as aself-insurer, as recognized by the bureau through the issuanceof a certificate of self-insurance under section 11 of this
chapter;
provides the ability to respond in damages for liability arising out ofthe ownership, maintenance, or use of the motor vehicle in amountsat least equal to those set forth in section 5 or 6 of this chapter.
(b) A motor vehicle liability policy under this article must containthe terms, conditions, and provisions required by statute and must beapproved by the state insurance commissioner.
As added by P.L.2-1991, SEC.13.
IC 9-25-4-5
Minimum amounts of financial responsibility
Sec. 5. Except as provided in section 6 of this chapter, theminimum amounts of financial responsibility are as follows:
(1) Subject to the limit set forth in subdivision (2), twenty-fivethousand dollars ($25,000) for bodily injury to or the death ofone (1) individual.
(2) Fifty thousand dollars ($50,000) for bodily injury to or thedeath of two (2) or more individuals in any one (1) accident.
(3) Ten thousand dollars ($10,000) for damage to or thedestruction of property in one (1) accident.
As added by P.L.2-1991, SEC.13.
IC 9-25-4-6
Recovery vehicles; minimum amounts of financial responsibility
Sec. 6. (a) The minimum standards for financial responsibility fora Class A recovery vehicle are a combined single limit of sevenhundred fifty thousand dollars ($750,000) for bodily injury andproperty damage in any one (1) accident or as follows:
(1) Subject to the limit set forth in subdivision (2), five hundredthousand dollars ($500,000) for bodily injury to or the death ofone (1) individual.
(2) One million dollars ($1,000,000) for bodily injury to or thedeath of two (2) or more individuals in any one (1) accident.
(3) One hundred thousand dollars ($100,000) for damage to orthe destruction of property in one (1) accident.
(b) The minimum standards for financial responsibility for a ClassB recovery vehicle are a combined single limit of three hundredthousand dollars ($300,000) for bodily injury and property damagein any one (1) accident or as follows:
(1) Subject to the limit set forth in subdivision (2), one hundredthousand dollars ($100,000) for bodily injury to or the death ofone (1) individual.
(2) Three hundred thousand dollars ($300,000) for bodily injuryto or the death of two (2) or more individuals in any one (1)accident.
(3) Fifty thousand dollars ($50,000) for damage to or thedestruction of property in one (1) accident.
As added by P.L.2-1991, SEC.13.
IC 9-25-4-7 Methods of proving financial responsibility
Sec. 7. Proof of financial responsibility when required under thisarticle may be given by any of the following methods:
(1) Proof that a policy or policies of motor vehicle liabilityinsurance have been obtained and are in full force and effect.
(2) Proof that a bond has been duly executed.
(3) Proof that deposit has been made of money or securities.
As added by P.L.2-1991, SEC.13.
IC 9-25-4-8
Proof of financial responsibility; filing insurance policy certificate
Sec. 8. Proof of financial responsibility may be made by filingwith the bureau the written certificate of an insurance carrierauthorized to do business in Indiana certifying that the carrier hasissued to or for the benefit of the person furnishing the proof andnamed as the insured a motor vehicle liability policy meeting therequirements of this chapter and having the terms, conditions, andspecifications that the bureau requires.
As added by P.L.2-1991, SEC.13.
IC 9-25-4-9
Bonds as proof of financial responsibility; notice of bondcancellation; recovery on claims arising before cancellation
Sec. 9. (a) A person required to give proof of financialresponsibility may file with the bureau a bond under this section. Thebond shall be executed by the person giving the proof and by a suretycompany authorized to transact business in Indiana.
(b) The bureau may not accept a bond unless the bond isconditioned for payments in amounts and under the samecircumstances as would be required in a motor vehicle liabilitypolicy furnished by the person giving proof of financialresponsibility under this article.
(c) A bond filed under this section may not be canceled unless ten(10) days written notice of cancellation is given to the bureau.Cancellation of a bond under this subsection does not preventrecovery on the bond due to a right or cause of action arising beforethe date of cancellation.
As added by P.L.2-1991, SEC.13.
IC 9-25-4-10
Deposits with treasurer of state as proof of financial responsibility;grounds for and amount of limitations on execution; proof ofabsence of unsatisfied judgments
Sec. 10. (a) A person required to give proof of financialresponsibility under this article may give proof of financialresponsibility by delivering to the bureau a receipt from the treasurerof state showing a deposit with the treasurer of state of one (1) of thefollowing:
(1) Forty thousand dollars ($40,000) in cash or securities thatmay legally be purchased by savings banks. (2) Trust funds with a market value of forty thousand dollars($40,000).
(b) Money and securities deposited under this section are subjectto execution to satisfy a judgment under this article within the limitsof coverage and subject to the limits on amounts required by thischapter for motor vehicle liability policies. Money and securitiesdeposited under this section are not subject to attachment orexecution for a reason not listed under this article.
(c) The treasurer of state may not accept a deposit or issue areceipt for a deposit under this section, and the bureau may notaccept a receipt for a deposit under this section, unless the personmaking the deposit provides evidence that there are no unsatisfiedjudgments against the person making the deposit registered in theoffice of the circuit court clerk of the county where the personmaking the deposit resides.
As added by P.L.2-1991, SEC.13.
IC 9-25-4-11
Certificate of self-insurance; cancellation
Sec. 11. (a) The bureau may, upon the application of a person,issue a certificate of self-insurance when the bureau is satisfied thatthe person making the application is possessed and will continue tobe possessed of the ability to pay a judgment obtained against theperson making the application. A certificate may be issuedauthorizing a person to act as a self-insurer for property damage,bodily injury, or death.
(b) After not less than five (5) days notice and a hearingconcerning the notice, the department may upon reasonable groundscancel a certificate of self-insurance. Failure to pay a judgmentwithin thirty (30) days after the judgment becomes final constitutesa reasonable ground for the cancellation of a certificate ofself-insurance.
(c) The bureau may only issue a certificate of self-insurance underrules adopted to implement this section.
As added by P.L.2-1991, SEC.13.
IC 9-25-4-12
Repealed
(Repealed by P.L.59-1994, SEC.12.)