Introduced Version






HOUSE BILL No. 1351

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 27-1-13-15.

Synopsis: Fireworks insurance for planned unit developments. Provides that an insurer may issue a blanket property and casualty insurance policy to an association or a nonprofit corporation composed of the owners of the property within a planned unit development to cover losses related to the sale, distribution, or display of fireworks in compliance with the law regulating fireworks. Requires policy limits of at least $1,000,000 per occurrence.

Effective: July 1, 2001.





Denbo




    January 9, 2001, read first time and referred to Committee on Insurance, Corporations and Small Business.







Introduced

First Regular Session 112th General Assembly (2001)


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. 1351



    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 27-1-13-15; (01)IN1351.1.1. -->     SECTION 1. IC 27-1-13-15 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2001]: Sec. 15. (a) As used in this section, "planned unit development" means a planned unit development provided for in an ordinance adopted under IC 36-7-4-713.
    (b) As used in this section, "property and casualty insurance" means one (1) or more of the types of insurance described in IC 27-1-5-1 , Class 2 and Class 3.
    (c) An insurance company may issue a blanket policy of property and casualty insurance to an association or a nonprofit corporation composed of the owners of the property within a planned unit development for the purpose of insuring:
        (1) the association or nonprofit corporation;
        (2) the owners of the property within the planned unit development;
        (3) the executive body of the association or nonprofit corporation;
        (4) the managing agent of the association or nonprofit corporation, if any;
        (5) all persons who act as agents or employees of:
            (A) the association or nonprofit corporation;
            (B) the owners of the property;
            (C) the executive body; or
            (D) the managing agent;
        with respect to the planned unit development; and
        (6) all other persons entitled to occupy any unit or other portion of the planned unit development, including property owners;
against losses under this subsection, including loss or damage to property within the planned unit development and loss of use or occupancy.
    (d) An association or a nonprofit corporation composed of the owners of all of the property within a planned unit development is authorized to purchase an insurance policy described in subsection (c).
     (e) An insurer may issue a blanket policy of property and casualty insurance to an association or a nonprofit corporation composed of the owners of the property within a planned unit development for the purpose of insuring against losses, including:
        (1) loss of;
        (2) damage to; or
        (3) loss of use or occupancy of;
property within the planned unit development related to the sale, distribution, or display of fireworks in compliance with IC 22-11-14. A policy issued under this subsection must be in policy limits of at least one million dollars ($1,000,000) per occurrence.