Mutual insurance associations and reciprocal or interinsurance
exchanges
Sec. 2. (a) For the purpose of complying with IC 22-3-5-1, groups
of employers are hereby authorized to form mutual insurance
associations or reciprocal or interinsurance exchanges subject to such
reasonable conditions and restrictions as may be fixed by the
department of insurance.
(b) Membership in such mutual insurance associations or
reciprocal or interinsurance exchanges so approved, together with
evidence of the payment of premiums due, shall be evidence of
compliance with IC 22-3-5-1.
(c) Subsection (a) does not apply to mutual insurance associations
and reciprocal or interinsurance exchanges formed and operating on
or before January 1, 1991, which shall continue to operate subject to
the provisions of IC 22-3-2 through IC 22-3-6 and to such reasonable
conditions and restrictions as may be fixed by the worker's
compensation board.
(Formerly: Acts 1929, c.172, s.75.) As amended by P.L.144-1986,
SEC.54; P.L.28-1988, SEC.48; P.L.170-1991, SEC.17.
Last modified: May 27, 2006