Section 27-5.1-4-2 - Companies existing on June 30, 2003; extended company election; amended certificate of authority(a) A farm mutual insurance company that was authorized to provide insurance in Indiana on June 30, 2003, may elect to obtain a certificate of authority as an extended company.(b) An election under subsection (a) is made by:(1) an affirmative vote by the board of directors of the farm mutual insurance company: (A) on a resolution to convert to an extended company; and(B) on an amendment of the articles of incorporation of the farm mutual insurance company; and(2) filing: (B) the amended articles of incorporation; and(C) other information that the commissioner considers necessary for review; with the commissioner.
(c) The commissioner shall, upon: (1) receiving a filing specified under subsection (b)(2); and(2) determining that the farm mutual insurance company is in compliance with the requirements of this article and other applicable law; issue an amended certificate of authority to the farm mutual insurance company authorizing the farm mutual insurance company as an extended company.
(d) A farm mutual insurance company, after receiving an amended certificate of authority under subsection (c):(1) is subject to the requirements of this chapter; and(2) may commence the business of insurance as an extended company.As added by P.L. 129-2003, SEC.8.