Provides that a water or wastewater utility (utility) that is not under the jurisdiction of the Indiana utility regulatory commission (IURC) for the approval of rates and charges shall submit a report on the utility's asset management program (program) to the IURC according to a schedule prescribed by the IURC. Provides that a utility shall also include in the required report information detailing any federal consent decree or other federal order to which the utility is subject at the time the report is submitted. Requires the IURC to adopt before September 1, 2025, a general administrative order (GAO) setting forth the: (1) information required to be included in a utility's report; (2) procedures for submission of the report; and (3) reporting schedule for submitting a report. Provides that the IURC shall verify on a quadrennial basis: (1) the sufficiency of each utility's program; and (2) the program's compliance with the IURC's GAO. Provides that if the IURC determines that specified deficiencies exist with respect to a utility's program, the IURC: (1) shall notify the utility of the deficiency and provide the utility a time frame in which the utility must correct the deficiency; and (2) may require the utility to undergo an informal rate review. Provides that if a utility receives two consecutive notices of a deficiency from the IURC: (1) the IURC shall assert jurisdiction over the rates and charges of the utility; and (2) the utility must undergo a base rate case. Provides that the utility shall remain subject to the jurisdiction of the IURC for a minimum of five years after the IURC's order in the required rate case. Provides that if a utility receives three consecutive notices of a deficiency over the course of three consecutive verifications, the IURC may initiate a receivership proceeding with respect to the utility. Authorizes the IURC to enter into an agreement with: (1) the department of environmental management; and (2) the Indiana finance authority; to carry out these requirements.