Bill Text: IN SB0016 | 2011 | Regular Session | Introduced
Bill Title: Notice of insurance after fire or explosion.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2011-02-03 - Senators Hume and Eckerty added as coauthors [SB0016 Detail]
Download: Indiana-2011-SB0016-Introduced.html
Citations Affected: IC 27-2-15; IC 34-30-2-111.
Synopsis: Notice of insurance after fire or explosion. Requires certain
insurers to: (1) notify enforcement authorities in a municipality
concerning the existence of coverage for a building or structure that is
located in the municipality and damaged by fire or explosion
(currently, the law applies to certain cities); and (2) provide for a set
aside of insurance proceeds payable with regard to the building or
structure. Revises current provision to specify the process for notices.
Repeals a definition rendered unnecessary by the act.
Effective: July 1, 2011.
January 5, 2011, read first time and referred to Committee on Insurance and Financial
Institutions.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
A BILL FOR AN ACT to amend the Indiana Code concerning
insurance.
(1) issued an insurance policy:
(A) covering a building or other structure that is:
(B) that is in effect at the time of the fire or explosion; and
(2) receives any notice of the damage to the building or other
structure;
shall, not more than ten (10) days after receiving the notice under
subdivision (2), notify the enforcement authority of the city
municipality about the existence of the policy. However, an insurer is
not required to notify the enforcement authority under this section if the
policy issued by the insurer is not in effect at the time of the fire or
explosion that damages the building or structure.
(c) The insurer shall provide the notice required under this section
if the enforcement authority makes a request for the notice within
twenty (20) days after the damage occurs.
(d) (b) The notice to an enforcement authority required by this
section must:
(1) be in writing;
(2) identify the insurer and state the insurer's address;
(3) identify the building or structure and state the location of the
building or structure; and
(4) disclose the nature and extent of the coverage of the building
or structure provided by the policy.
(e) An insurer shall provide notice to the enforcement authority
under this section within ten (10) days after the insurer is notified
under subsection (c) of the damaging of the building or structure by fire
or explosion.
(f) (c) The commissioner may take action under IC 27-1-3-10 and
IC 27-1-3-19 against an insurer that violates this section.
(1) a fire or explosion damages a building or other structure located in a
(2) the enforcement authority of the
the insurer shall remit to the
(b) To require the remittance of money under this section, an enforcement authority must:
(1) provide the certification under subsection (a)
(2) comply with subsection (c).
(c) The amount that must be remitted to the
(1) fifteen percent (15%) of the available insurance proceeds, if any; or
(2) an amount equal to the amount certified.
(d) The amount remitted under this section shall be placed in an interest bearing escrow account to be administered by the enforcement authority and the
(b) This SECTION expires July 1, 2016.