Section 27-5.1-2-41 - Election to be subject to Indiana insurance law(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.
As added by P.L. 129-2003, SEC.8.