Indiana Insurance Guaranty Association

“"member insurer" is defined by statute to include entities licensed to transact in indiana any kind of insurance for which coverage is provided by the association. Member insurers have such rights and obligations as are provided by ic 27-6-8 and the association's plan of operation.”

“The chair of the nine-person board, with the advice and consent of the board and the indiana insurance commissioner, appoint from among its members a nominating committee. Such nominating committee shall select nominee(s) for each board member whose term expires at the annual meeting of member insurers in accordance with this plan and other guidelines approved by the board. The board of directors shall be elected to serve three (3) year non-concurrent terms.”

“Management has reviewed the draft form 990 prepared by their external accounting firm. Copies of the final draft form 990 were reviewed in detail by the audit committee. Copies of the final form 990 was provided to all members of the association's board of directors for review and comment prior to filing the form 990.”

“The organization's conflict of interest policy and statement requires certification annually by each officer, director, and key employee of their agreement to abide by the policy and disclose of any conflict of interest. Collection of signed certification documents is tracked and reviewed annually by the organization's management staff. Each individual having signed a certificate is also required to disclose any conflict of interest that arises during the year upon becoming aware that a conflict exists. A disclosed conflict of interest including material facts is reported to the organization's executive director and to the chairperson of the organization's board of directors. The conflict of interest and materials facts shall also be disclosed to the board of directors during business before the board which involves a decision regarding the action or business transaction giving rise to the conflict of interest. The individual with the disclosed conflict is not permitted to vote on or participate in the making of the decision on the matter giving rise to the conflict.”

“Quad assoc, llc provides all employees who perform services for the association, including the executive director. The association pays quad assoc for costs related to personnel and benefits, as well as general operating expenses, based on an allocation formula set forth in the operating agreement and management and administrative services agreement, which agreements are signed by quad assoc and the association. Compensation for the executive director is determined based on prior year performance by the quad assoc board. Compensation for other quad assoc employees is determined annually by the employee's manager based on the employee's performance during the prior year and must be within the quad assoc board approved annual budget. From time to time, quad assoc retains independent consultants to provide data to assist in determining compensation levels.”

“No documents are available to the public. The association is subject to periodic examination by the indiana department of insurance and copies of the department of insurance examination report are available upon request to the department of insurance.”

“The association used the net recorded asset method of accounting. The net recorded asset method is a modified cash basis method which provided for accruals of assets and a cash basis of accounting for expenses.”