Bill Text: IN HB1309 | 2010 | Regular Session | Introduced

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Bill Title: Catastrophic injury compensation trust fund.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-01-13 - First reading: referred to Committee on Public Policy [HB1309 Detail]

Download: Indiana-2010-HB1309-Introduced.html

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Introduced Version

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HOUSE BILL No. 1309

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DIGEST OF INTRODUCED BILL

Citations Affected: IC 27-7-5.5.

Synopsis: Catastrophic injury compensation trust fund. Establishes a catastrophic injury trust fund to pay certain medical expenses of individuals with catastrophic injuries suffered in motor vehicle accidents.

Effective: July 1, 2010.

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Richardson

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    January 13, 2010, read first time and referred to Committee on Public Policy.

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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 this style type.
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HOUSE BILL No. 1309

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    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 27-7-5.5; (10)IN1309.1.1. -->     SECTION 1. IC 27-7-5.5 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2010]:
    Chapter 5.5. Catastrophic Injury Trust Fund
    Sec. 1. As used in this chapter, "catastrophic injury" means a bodily injury incurred after January 1, 2003, by an individual in a motor vehicle accident in which:
        (1) the injured individual has complied with any financial responsibility obligations that apply to the individual under IC 9-25 or IC 27; and
        (2) the policy limits of any applicable policy of motor vehicle insurance (as defined in IC 27-1-22-3.1) for reasonable medical expenses of the injured individual have been exceeded.
    Sec. 2. As used in this chapter, "department" refers to the department of insurance.
    Sec. 3. As used in this chapter, "fund" refers to the catastrophic

injury trust fund established by section 4 of this chapter.
    Sec. 4. The catastrophic injury trust fund is established for the purpose of funding medical expenses that exceed the limits of a policy described in section 1(2) of this chapter for individuals who incur catastrophic injuries.
    Sec. 5. The fund is considered a trust fund for purposes of IC 4-9.1-1-7. Money may not be transferred, assigned, or otherwise removed from the trust fund by the state board of finance, the budget agency, or any other state agency.
    Sec. 6. The fund shall be administered by the department of insurance.
    Sec. 7. The expenses of administering the fund shall be paid from money in the fund.
    Sec. 8. The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public money may be invested. Interest that accrues from these investments shall be deposited in the fund.
    Sec. 9. Money in the fund at the end of a state fiscal year does not revert to the state general fund.
    Sec. 10. The department shall adopt rules under IC 4-22-2 to administer this chapter.