Title 27, INSURANCE

Sec. 24. Upon the commissioner's issuance of a certificate of merger under section 23 of this chapter, the farm mutual insurance companies that are parties to the merger plan become a single surviving farm mutual insurance company. The separate existence of each farm mutual insur…

Sec. 24.5. (a) The commissioner may waive the requirements of this chapter or IC 27-1-9, whichever is applicable, for a merger or consolidation of a farm mutual insurance company with any other company (as defined in IC 27-1-2-3) if: (1) the farm mutual insurance company is notif…

Sec. 25. (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 commis…

Sec. 26. If the commissioner determines, after notice and a hearing under IC 4-21.5, that a farm mutual insurance company has violated a provision of this article or a rule or order issued under this article, the commissioner may issue an order requiring the farm mutual insurance…

Sec. 27. (a) A decision, a determination, or an order of the commissioner under section 26 of this chapter is subject to judicial review under IC 4-21.5-5. (b) If a farm mutual insurance company does not seek judicial review of the commissioner's determination to issue an order u…

Sec. 28. If a farm mutual insurance company willfully violates a provision of an order under section 26 of this chapter, the commissioner may do the following: (1) Impose a civil penalty on the farm mutual insurance company of not more than ten thousand dollars ($10,000). (2) Sus…

Sec. 29. (a) A farm mutual insurance company may not waive: (1) a term of an insurance policy; or (2) a right or defense of the farm mutual insurance company; unless the farm mutual insurance company states in a letter or other written or printed document to a policyholder that t…

Sec. 3. (a) If a proposed farm mutual insurance company does not hold a certificate of authority to do business in Indiana on June 30, 2003, an application may be made to the commissioner on a form prescribed by the commissioner for a certificate of authority for the proposed far…

Sec. 30. (a) A policyholder of a farm mutual insurance company operating on a premium plus assessment basis under this article is liable for the policyholder's share of the amount necessary to: (1) pay the losses and necessary expenses incurred by the farm mutual insurance compan…

Sec. 31. (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 …

Sec. 32. (a) If a policyholder is assessed and fails to pay the assessment, the farm mutual insurance company may, upon providing written notice of failure to pay: (1) suspend the farm mutual insurance company's liability for loss under the policyholder's insurance policy for the…

Sec. 33. (a) A policyholder is not liable for an assessment of losses or expenses that are incurred by a farm mutual insurance company after the policyholder has terminated the policyholder's insurance policy. (b) A former policyholder is not liable for an assessment for obligati…

Sec. 34. (a) A premium plus assessment insurance policy must expressly and prominently state on the face page of the insurance policy that the insurance policy is a premium plus assessment insurance policy. (b) A suit or action for a loss under a premium plus assessment insurance…

Sec. 35. (a) A farm mutual insurance company that operates on a premium plus assessment basis must pay losses and judgments of the farm mutual insurance company from premiums received or amounts collected on promissory notes. The amount: (1) deducted from a policyholder's premium…

Sec. 36. (a) A farm mutual insurance company may borrow money for the payment of accrued losses and expenses. (b) A farm mutual insurance company that borrows money under subsection (a) shall assess policyholders the full amount necessary to fully repay the loan in the assessment…

Sec. 37. (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 ad…

Sec. 38. A farm mutual insurance company may vote to discontinue operations and settle its affairs under IC 27-1-10. As added by P.L.129-2003, SEC.8.

Sec. 39. A director, an officer, a member, an insurance producer, or an employee of a farm mutual insurance company who knowingly or intentionally, directly or indirectly, uses or employs, or allows another person to use or employ, money, funds, securities, or assets of the farm …

Sec. 4. A farm mutual insurance company that is established after June 30, 2003, must have at least: (1) two hundred fifty (250) applications for insurance policies; and (2) one hundred thousand dollars ($100,000) in annual direct written premiums; before issuing an insurance pol…

Sec. 40. This article does not prohibit a farm mutual insurance company from doing the following: (1) Distributing underwriting or investment gain to policyholders of a farm mutual insurance company. (2) Accumulating a reasonable policyholder surplus for the payment of losses or …

Sec. 41. (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 …

Sec. 42. A company or association organized before January 1, 1870, that provides the kind of insurance described in this article and has not made an election under IC 27-5-1-14 (before its repeal) is not subject to this article unless the company or association elects to conduct…

Sec. 43. The commissioner may adopt rules under IC 4-22-2 to implement this article. As added by P.L.129-2003, SEC.8.

Sec. 44. A rate or form filed by a farm mutual insurance company before July 1, 2003, is valid and remains in effect notwithstanding the repeal of IC 27-5 and the addition of this article. As added by P.L.16-2009, SEC.28.

Sec. 5. (a) A farm mutual insurance company has all the powers, rights, privileges, duties, and obligations of a company organized under IC 27-1-6 except where IC 27-1-6 is inconsistent with this article. (b) A farm mutual insurance company has the following: (1) The power to bor…

Sec. 6. A farm mutual insurance company with an annual direct written premium of more than fifteen million dollars ($15,000,000) may not function as a farm mutual insurance company and shall be regulated as a domestic mutual insurance company described in IC 27-1-6-15. As added b…

Sec. 7. Except as provided in section 8 of this chapter, a farm mutual insurance company that operates under this article is exempt from any other Indiana insurance law unless the law expressly states that the law is applicable to a farm mutual insurance company. As added by P.L.…

Sec. 8. The following provisions apply to standard companies and extended companies: (1) IC 27-1-3. (2) IC 27-1-3.1. (3) IC 27-1-5-3. (4) IC 27-1-7-14 through IC 27-1-7-16. (5) IC 27-1-7-21 through IC 27-1-7-23. (6) IC 27-1-9. (7) IC 27-1-10. (8) IC 27-1-13-3 through IC 27-1-13-4…

Sec. 9. A farm mutual insurance company may engage in the business of insurance in any location in Indiana other than a first class city. However, a farm mutual insurance company may continue to insure property in a first class city in Indiana if the insurance policy under which …

Sec. 1. (a) A mutual insurance company may reorganize under this chapter as a mutual insurance holding company with one (1) or more subsidiaries if the following occur: (1) The adoption of a plan of reorganization by the mutual insurance company's board of directors in accordance…

Sec. 10. All members, in accordance with IC 27-1-7-7, must be provided with notice of the meeting at which the plan of reorganization will be submitted for approval by the members in the manner outlined in the plan of reorganization approved by the commissioner. As added by P.L.2…

Sec. 11. A person soliciting a proxy from a member shall provide all members with a proxy statement that: (1) identifies the person soliciting the proxy; (2) informs the member of the right to vote upon the plan of reorganization and the vote required for approval; (3) briefly de…

Sec. 12. A plan of reorganization is approved under this chapter upon the affirmative vote of at least a majority of the votes cast by eligible members either in person or by proxy. As added by P.L.226-2023, SEC.30.

Sec. 13. Not later than thirty (30) days after the members have approved a plan of reorganization under this chapter, the applicant must file with the commissioner the minutes of the meeting at which the plan of reorganization was approved. As added by P.L.226-2023, SEC.30.

Sec. 14. The reorganized insurer to which insurance policies, contracts, and other assets and obligations are transferred in connection with a plan of reorganization under this chapter has, with respect to the insurance policies, contracts, and other assets and obligations, all r…

Sec. 15. If a proceeding is pending against a mutual insurance company that is the subject of a plan of reorganization under this chapter: (1) the proceeding may be continued against the reorganized insurer under its former name after the effective date of the reorganization, as …

Sec. 16. The reorganized insurer, at its discretion, may retain the name the reorganized insurer had prior to its reorganization into a mutual insurance holding company structure. As added by P.L.226-2023, SEC.30.

Sec. 2. The reorganization of a mutual insurance company or two (2) or more mutual insurance companies into a mutual insurance holding company structure under this chapter may be accomplished by any means approved by the commissioner, including the following: (1) The establishmen…

Sec. 3. After the effective date of the reorganization of a mutual insurance company as a mutual insurance holding company under this chapter, the mutual insurance holding company must at all times have the direct or indirect power to cast at least a majority of the votes for the…

Sec. 4. A plan of reorganization under this chapter must be adopted by: (1) a vote of not less than two-thirds (2/3) of the members of the board of directors of the mutual insurance company; or (2) in the case of the formation of any intermediate stock insurance holding company t…

Sec. 5. Not later than ninety (90) days after the adoption of a plan of reorganization and before a vote on the plan by the members, the company adopting the plan of reorganization must file with the commissioner an application containing the following: (1) A plan of reorganizati…

Sec. 6. (a) A plan of reorganization filed with the commissioner under this chapter must include the following: (1) A description of all significant terms of the proposed reorganization. (2) Any plan to issue stock that may be proposed in connection with the plan of reorganizatio…

Sec. 7. A plan of reorganization that is adopted by the board of directors of the applicant may be amended or terminated by a vote of not less than two-thirds (2/3) of the members of the board of directors of the applicant: (1) in response to the comments or recommendations of th…

Sec. 8. (a) A plan of reorganization must be submitted for approval by the members at a special or annual meeting of members held in accordance with IC 27-1-7-7. (b) The meeting of members under subsection (a) must be held after the commissioner has approved the plan under IC 27-…

Sec. 9. In accordance with IC 27-1-7-9, a member: (1) may vote in person or by proxy; and (2) is entitled to cast only one (1) vote on the proposed plan of reorganization, regardless of the number of policies or the amount of insurance that the member may have with the applicant …