Indiana § 27-5.1-2-25 Notice of contract to manage or control; commissioner determination;
managing general agent

Indiana Statutes

§ 27-5.1-2-25 — Notice of contract to manage or control; commissioner determination; managing general agent

Indiana § 27-5.1-2-25

Title 27INSURANCE

Art. 5.1FARM MUTUAL INSURANCE COMPANIES

This text of Indiana § 27-5.1-2-25 (Notice of contract to manage or control; commissioner determination; managing general agent) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-5.1-2-25 (2026).

Text

(a)A person that intends to enter into a contract for the exclusive or dominant right to manage or control a farm mutual insurance company shall file notice of the contract with the commissioner at least thirty (30) days before entering into the contract.

(b)The commissioner may approve a contract or proposed contract described in subsection (a) only if the contract is not detrimental to:

(1)the policyholders of the farm mutual insurance company; or

(2)the public.

(c)If the commissioner disapproves a contract or proposed contract described in subsection (a), the commissioner shall provide written notice of the disapproval to the parties to the contract. A person that entered into a contract described in subsection (a) may not manage or control the farm mutual insurance company under t

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(a) A person that intends to enter into a
contract for the exclusive or dominant right to manage or control a farm
mutual insurance company shall file notice of the contract with the
commissioner at least thirty (30) days before entering into the contract.
(b) The commissioner may approve a contract or proposed contract
described in subsection (a) only if the contract is not detrimental to:
(1) the policyholders of the farm mutual insurance company; or
(2) the public.
(c) If the commissioner disapproves a contract or proposed contract
described in subsection (a), the commissioner shall provide written
notice of the disapproval to the parties to the contract. A person that
entered into a contract described in subsection (a) may not manage or
control the farm mutual insurance company under the contract after
receiving notice of the commissioner's disapproval of the contract.
(d) A person that enters into a contract for the exclusive or dominant
right to manage or control a farm mutual insurance company is the
managing general agent (as defined in IC 27-1-33-4) of the farm
mutual insurance company and shall comply with the requirements that
apply to a managing general agent under IC 27.