INDIANAPOLIS – The Indiana Grain Indemnity Corporation (IGIC) will hold a private executive session meeting on Thursday, June 5, 2025, from 10 a.m. to 1 p.m. ET at Indiana Farm Bureau (225 South East Street, Indianapolis, IN 46206).
This executive session is for the IGIC board to receive reports from the Indiana Grain Buyers Warehouse Licensing Agency (IGBWLA) to understand the impact of SEA 461 on IGBWLA licensees. The executive session is authorized by Indiana Code 26-4-3-7(3).
IC 26-4-3-7 Board of directors; duties
Sec. 7. 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 fail.
(B) The financial impact on the fund if a licensee identified in clause (A) were to fail.
(C) The estimated number of potential claimants that could result from the failure 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 the fund the sums that are disbursed from the fund to each claim.
(5) Initiate any action it may consider necessary to compel the claimant whose claim arose due to a failure to participate in any legal proceeding concerning the claim.
(6) Within five (5) business days of receiving notice of failure of a grain buyer, publish notice of the failure in a manner described in IC 5-3.
As added by P.L. 250- 1995, SEC.1. Amended by P.L. 208- 2021, SEC.11.
