§ 27-5.1-2-41 — Election to be subject to Indiana insurance law

Indiana § 27-5.1-2-41

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

Text

(a) A farm mutual insurance company may
elect to be subject to the provisions of IC 27-1, as provided by IC 27-1-11-1, with the rights, privileges, and franchises provided under IC 27-1.
(b) An election under subsection (a) becomes effective on the date
of issuance of a new certificate of authority under IC 27-1-11-7.
(c) An insurance policy that is:
(1) issued or bound by a farm mutual insurance company that
makes an election under subsection (a); and
(2) in effect on the date the election becomes effective;
is not invalidated by IC 27-1, but remains in full force and effect until
expiration or termination of the insurance policy. However, IC 27-1
applies to an insurance policy described in this subsection beginning
three (3) years after the date the election becomes effective.

Legislative History

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