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13-23-8-6. Payment of claims if ELTF balance is low

IN Code § 13-23-8-6 (2019) (N/A)
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Sec. 6. (a) If the balance in the ELTF drops below twenty-five million dollars ($25,000,000), the administrator shall pay claims according to the priority payment system established by rules adopted by the financial assurance board under IC 13-23-11-7(a)(1)(D).

(b) If the balance in the ELTF is insufficient to pay:

(1) ELTF claims; and

(2) necessary personnel and administrative expenses associated with the ELTF;

the administrator of the ELTF shall cease paying claims, and claimants may not use the ELTF to satisfy any financial responsibility requirements.

[Pre-1996 Recodification Citation: 13-7-20-33(f).]

As added by P.L.1-1996, SEC.13. Amended by P.L.14-2001, SEC.11; P.L.1-2002, SEC.66; P.L.96-2016, SEC.28.

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