§ 27-5.1-2-31 — Assessment collection; verification of loss

Indiana § 27-5.1-2-31

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 5.1: FARM MUTUAL INSURANCE COMPANIES

Text

(a) A farm mutual insurance company shall
collect an assessment from a policyholder in the manner prescribed by
the farm mutual insurance company's bylaws.
(b) After a farm mutual insurance company that operates on a
premium plus assessment basis receives:
(1) notice of a loss or damage to a policyholder's property; or
(2) a judgment against the farm mutual insurance company;
the directors of the farm mutual insurance company shall verify the
loss, damage, or judgment and shall, subject to the limitation set forth
in the farm mutual insurance company's bylaws under section 30 of this
chapter, assess each policyholder an amount proportionate to the
amount of risk the policyholder has with the farm mutual insurance
company.

Legislative History

As added by P.L.129-2003, SEC.8.