§ 27-5.1-2-37 — Policy cancellation; notice

Indiana § 27-5.1-2-37

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

Text

(a) A farm mutual insurance company may
cancel, in whole or in part, a policyholder's insurance policy after
giving the policyholder written notice of the cancellation as follows:
(1) The written notice must be delivered or mailed to the
policyholder at the last known address of the policyholder.
(2) The written notice must specify the effective date of the
cancellation.
(3) Upon request of the policyholder, the written notice must be
accompanied by a written explanation of the specific reasons for
the cancellation.
(b) A farm mutual insurance company shall provide the written
notice specified in subsection (a) at least:
(1) ten (10) days before canceling the insurance policy, if the
cancellation is for nonpayment of premium;
(2) twenty (20) days before canceling the insurance policy, if the
cancellation occurs more than sixty (60) days after the date of
issuance of the policy; and
(3) ten (10) days before canceling the insurance policy, if the
cancellation occurs less than sixty-one (61) days after the date of
issuance of the policy.
(c) If the insurance policy was procured by an independent
insurance producer licensed in Indiana, the farm mutual insurance
company shall deliver or mail notice of cancellation to the insurance
producer not less than ten (10) days before the farm mutual insurance
company delivers or mails the notice to the policyholder, unless the
obligation to notify the insurance producer is waived in writing by the
insurance producer.

Legislative History

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