Property and Casualty Insurance and Guaranty Association Law (IC 27-6-8)

What this document is

Indiana Code Title 27, Article 6, Chapter 8 - Property and Casualty Insurance and Guaranty Association Law (IC 27-6-8) is a state statute published by Indiana General Assembly (iga.in.gov). It is one of the Indiana documents that insurance license exam questions are written from, including indiana property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• IC § 27-6-8-3 (Scope; Exclusions (1) Through (10))

  “This chapter applies to all kinds of direct insurance except: (1) life, annuity, health, or disability insurance; (2) mortgage guaranty, financial guaranty, or other forms of insurance offering protection against investment risks; (3) fidelity or surety bonds, or any other bonding obligations; (4)...”

• IC § 27-6-8-4(a)(4)(F) (Definitions; Covered Claim; Exclusions)

  “(F) Any amount awarded as punitive or exemplary damages. (G) Any amount sought as a return of premium under any retrospective rating plan.”

• IC § 27-6-8-5 (Creation of the Association; Three Accounts)

  “For purposes of administration and assessment, the association shall be divided into three (3) separate accounts: (1) The worker's compensation insurance account. (2) The automobile insurance account. (3) The account for all other insurance to which this chapter applies.”

• IC § 27-6-8-7(a)(1)(C) (Powers and Duties; Payment Cap Per Covered Claim)

  “(C) An amount not to exceed three hundred thousand dollars ($300,000) per covered claim. For purposes of this clause, all claims of any kind that arise out of or are related to the bodily injury to or death of one (1) person constitute a single claim, regardless of the number of claims made or the number of claimants.”

• IC § 27-6-8-11(b) (Nonduplication of Recovery; Exhaustion Requirement)

  “Any person having a claim against an insurer shall, in accordance with subsection (c), be required first to exhaust all coverage provided by any other insurance policy, including the right to a defense under the other insurance policy, if the claim under the other insurance policy arises from the...”

• IC § 27-6-8-15(a) (Recoupment of Assessments; Tax Credits)

  “Member insurers, which during any preceding calendar year shall have paid one (1) or more assessments levied pursuant to section 7 of this chapter, shall be allowed a credit against premium taxes, adjusted gross income taxes, or any combination thereof upon revenue or income of member insurers...”

Practice this material

Questions about this source

More Indiana sources

• Indiana Code IC 27-4-1 - Unfair Competition; Unfair or Deceptive Acts and Practices (IC 27-4-1-1 to 27-4-1-19)State statute
• Indiana Code Title 27, Article 8, Chapter 5 - Accident and Sickness Insurance: Policy Provisions (IC 27-8-5, individual and general provisions)State statute
• Indiana Code Title 27, Article 1, Chapter 3.5 - Annual Audited Financial Reports (IC 27-1-3.5)State statute
• Indiana Code Title 27, Article 7 - Uninsured Motorist Coverage and Underinsured Motorist Coverage, Miscellaneous Motor Vehicle Insurance Provisions, and Cancellation of Automobile Insurance Policies (IC 27-7-5, 27-7-5.1, 27-7-6)State statute
• Indiana Code Title 27, Article 1 - Classification of Insurance, Admission of Foreign and Alien Companies to Transact Business in Indiana, and Additional Provisions Pertaining to Foreign and Alien Companies (IC 27-1-5, 27-1-17, 27-1-18)State statute
• Indiana Code Title 27 - Use of Credit Information in Personal Insurance and Virtual Claim Payments for Dental Care Services (IC 27-2-21, IC 27-4-10)State statute
• Indiana Code Title 35, Article 50 - Sentences: General Provisions, Sentences for Felonies, and Sentences for Misdemeanors (IC 35-50-1, 35-50-2, 35-50-3)State statute
• Indiana Code Title 27, Article 1 - Department of Insurance: Department Created, Incorporation by Reference, Application of Article and Definitions, General Powers and Duties of the Department, and Examinations (IC 27-1-1, 27-1-1.5, 27-1-2, 27-1-3, 27-1-3.1)State statute