Bill Text: IN SB0300 | 2010 | Regular Session | Introduced
Bill Title: Worker's compensation reserves.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-01-11 - First reading: referred to Committee on Insurance and Financial Institutions [SB0300 Detail]
Download: Indiana-2010-SB0300-Introduced.html
Introduced Version
SENATE BILL No. 300
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DIGEST OF INTRODUCED BILL
Citations Affected: IC 27-7-2-40.
Synopsis: Worker's compensation reserves. Specifies requirements for
worker's compensation insurers with respect to reserve funds deposited
by employers.
Effective: July 1, 2010.
Hershman
January 11, 2010, read first time and referred to Committee on Insurance and Financial
Institutions.
Introduced
Second Regular Session 116th General Assembly (2010)
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
SENATE BILL No. 300
A BILL FOR AN ACT to amend the Indiana Code concerning
insurance.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 27-7-2-40; (10)IN0300.1.1. -->
SECTION 1. IC 27-7-2-40 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2010]: Sec. 40. A company that enters into an agreement with an
employer concerning funds deposited by the employer in reserve
in connection with the employer's liability described in
IC 22-3-5-1(a):
(1) shall not hold the money in the reserve for longer than ten (10) years after the agreement terminates; and
(2) shall annually pay to the employer interest on the money in the reserve:
(A) based upon the average balance in the reserve; and
(B) at the average money market rate;
for the year.
(1) shall not hold the money in the reserve for longer than ten (10) years after the agreement terminates; and
(2) shall annually pay to the employer interest on the money in the reserve:
(A) based upon the average balance in the reserve; and
(B) at the average money market rate;
for the year.
