1. (a) The board, in supervising and controlling the program, has the general powers and authority granted under IC 27 to insurance companies and health maintenance organizations authorized to transact business in Indiana, except the power to issue health insurance plans directly to groups or individuals.

2. (b) In addition to exercising the powers conferred by subsection (a), the board may do the following:

   1. (1) Enter into contracts that are necessary or proper to carry out the provisions and purposes of this chapter, including, with the approval of the commissioner, contracts with:

      1. (A) similar programs of other states for the joint performance of common functions; or
      2. (B) persons or other organizations for the performance of administrative functions.
   2. (2) Sue or be sued, including taking any legal action necessary or proper to recover assessments and penalties for, on behalf of, or against the program or any reinsuring insurer.
   3. (3) Take any legal action necessary to avoid the payment of improper claims against the program.
   4. (4) Define the health insurance plans for which reinsurance is provided.
   5. (5) Issue reinsurance policies under this chapter.
   6. (6) Establish rules, conditions, and procedures for reinsuring risks under the program.
   7. (7) Establish actuarial functions as appropriate for the operation of the program.
   8. (8) Impose assessments on reinsuring carriers under this chapter, and make advance interim assessments that are reasonable and necessary for organizational and interim operating expenses.
   9. (9) Appoint appropriate legal, actuarial, and other committees as necessary to provide technical assistance in the operation of the program, policy, and other contract design, and any other function within the authority of the program.
3. (c) Any interim assessments imposed under subsection (b)(8) shall be credited as offsets against any regular assessments due from reinsuring carriers after the close of the fiscal year.

4. (d) Any notes or other evidence of indebtedness of the program that are not in default:

   1. (1) are legal investments for small employer insurers; and
   2. (2) may be carried by small employer insurers as admitted assets.

As added by P.L.193-1996, SEC.1.