762 IAC 2-1-2 Membership

Sec. 2. (a) A political subdivision that applies to become a member of the risk management fund or the catastrophic liability fund may become a member after the following occurs: (1) An application is filed with the manager or vendor of the risk management fund and the catastrophic liability fund. (2) The manager or vendor provides the commission with twelve (12) copies of the application. (3) The commission votes, by a majority, to accept the political subdivision as a member of the risk management fund or the catastrophic liability fund. (4) The political subdivision pays the assessment and capitalization. (b) A member of the risk management fund or the catastrophic liability fund that wishes to withdraw from the fund or funds shall file a written notice of its intent to withdraw with the commissioner. The written notice shall include all of the following: (1) The date of termination of the membership. The date shall not be less than ninety (90) days after filing of the notice. (2) The name, address, and state of domicile of the insurer with which the political subdivision is insuring the risk after termination of its membership. (3) The name and business address of the insurance producer through whom the new policy of insurance was procured. (c) At any time prior to the termination date of membership, a member may rescind its intent to withdraw from the risk management fund or the catastrophic liability fund by filing written notice of its intent with the commissioner.