Indiana § 26-4-3-7 - Board of directors; duties

§ 26-4-3-7. Board of directors; duties

Sec. 7. (a) The board shall do the following:

(1) Adopt rules, create forms, and establish guidelines to implement this article.

(2) Collect and deposit all producer premiums authorized under IC 26-4-4-4 into the fund for investment by the board.

(3) Require reports from the agency regarding the financial status of a licensee, while the board is in executive session and without disclosing the name or any other identifying information of the licensee, including the following:

(A) Whether there is a risk that a licensee may have the licensee's license revoked.

(B) The financial impact to the fund if a licensee identified in clause (A) were to have the licensee's license revoked.

(C) The estimated number of potential claimants that could result from the revocation of a license of a licensee identified in clause (A).

(D) Any other information the director determines is necessary to solicit the advice of the board regarding the financial status of a licensee.

However, the director may not share information under this subdivision with a board member who has not executed a confidentiality agreement.

(4) Initiate any action it may consider necessary to compel the grain buyer against whom an awarded claim arose to repay to the fund the sums that are disbursed from the fund in relation to each claim.

(5) Initiate any action it may consider necessary to compel the claimant whose claim arose due to the revocation of a license to participate in any legal proceeding, investigation, or questioning by the board in relation to the claim.

(6) Within five (5) business days of receiving notice of the revocation of a license of a grain buyer, publish notice of the revocation in a manner described in IC 5-3.

(7) When a claim is made against the fund, hire a manager or management firm, that is not associated with or related to any member of the board, to assist board members in developing agendas, assisting in determining claims made against the fund, presenting the evidence of claims made by the agency, presenting claim information to the board, and other duties determined by the board.

(8) Seek independent legal advice when negotiating settlement of claims made against the fund when a claimant does not agree with the amount decided by the board as a fair amount for claims made.

(9) Determine whether claims made by producers are legitimate and backed by credible supporting documentation.

(10) Deny payments to claimants refusing to produce requested documentation or participate in investigations by the board.

(11) With the approval of the majority of the board, make payment from the fund when the payment is necessary for the purpose of compensating claimants under IC 26-4-6.

(12) Have subpoena power for credible documentation of losses requested to be paid to claimants by the fund.

(b) At the request of the chairperson, the agency shall provide administrative support to the board.

As added by P.L.250-1995, SEC.1. Amended by P.L.208-2021, SEC.11; P.L.114-2025, SEC.61.