June 23 UPDATE: Following enactment of the law described below, the Indiana Department of Insurance issued a bulletin specifying what insurers should do to enter into new mine subsidence reinsurance agreements and report ceded premiums and losses.
A new law
in Indiana increases the limit available for mine subsidence reinsurance under the Indiana Mine Subsidence Program from $200,000 to $500,000 per structure. The program reinsures residential and non-residential structures in Indiana's coal basin against loss from mine subsidence.
The change requires no filing action by AAIS, as AAIS forms in affected lines explicitly refer to the state's insurance code.
New rates for the mine subsidence reinsurance are available online, and the Indiana Department of Insurance is expected to issue a bulletin providing further guidance.
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