reglab/housing_qa huggingface dataset:
IN Code § 27-5.1-2-29 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-29. Notice of Intent to Waive Term of Policy, Right, or Defense

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 the farm mutual insurance company intends to specifically waive the term, right, or defense.(b) A letter or other written or printed document required under subsection (a) must include the signature of an officer or other representative of the farm mutual insurance company who is authorized to execute the particular type of waiver.(c) A letter or other written or printed document under this section is the only admissible evidence of a waiver by the farm mutual insurance company.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-30 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-30. Premium Plus Assessment Basis; Policyholder Liability

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 company; and(2) maintain an adequate reserve or safety fund as determined by the farm mutual insurance company's directors;while the policyholder's insurance policy is in effect.(b) Notwithstanding subsection (a), a farm mutual insurance company shall limit a policyholder's contingent liability during any one (1) year to an amount not to exceed the limitation set forth in the farm mutual insurance company's bylaws. The limitation set forth in the farm mutual insurance company's bylaws under this subsection must be an amount equal to not less than three percent (3%) of the insurance carried by the policyholder.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-31 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-31. Assessment Collection; Verification of Loss

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 a loss or damage to a policyholder's property; or(2) a judgment against the farm mutual insurance company;the directors of the farm mutual insurance company shall verify the loss, damage, or judgment and shall, subject to the limitation set forth in the farm mutual insurance company's bylaws under section 30 of this chapter, assess each policyholder an amount proportionate to the amount of risk the policyholder has with the farm mutual insurance company.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-32 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-32. Policyholder Failure to Pay Assessment

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 time during which the assessment is not paid; or(2) cancel the policyholder's insurance policy if the assessment is not paid less than thirty (30) days after notice of the assessment is sent to the policyholder.The farm mutual insurance company may deduct the assessment from the policyholder's deposit before returning the remainder of a deposit, if any, to the policyholder.(b) If an assessment is paid by a policyholder after a farm mutual insurance company takes an action under subsection (a), the farm mutual insurance company may reinstate the policyholder's insurance policy effective beginning on the date on which the payment is received, but a deduction or credit may not be made to an assessment because of the suspension of the insurance policy.(c) A farm mutual insurance company may file an action to compel a policyholder to pay an assessment.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-33 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-33. Policyholder Liability After Policy Termination

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 obligations incurred by a farm mutual insurance company before the policyholder terminated the insurance policy on which the assessment is made unless the farm mutual insurance company gives the former policyholder notice of the assessment less than one (1) year after the date of termination of the insurance policy.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-34 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-34. Notice of Premium Plus Assessment Policy; Civil Actions; Limitation

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 policy may not be commenced until:(1) the loss is due in accordance with the premium plus assessment insurance policy; or(2) not less than sixty (60) days after proof of loss was given to the farm mutual insurance company that issued the premium plus assessment insurance policy.(c) Requirements that a policyholder must meet to sustain a legal cause of action under this section must be disclosed clearly and prominently on the face page of the premium plus assessment insurance policy.(d) Notwithstanding IC 34-11-2-11, the statute of limitations for a claim on a premium plus assessment insurance policy under this section is two (2) years after the date of the loss.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-35 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-35. Payment of Losses and Judgments; Insufficient Funds; Assessments

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 paid; or(2) demanded from a policyholder's promissory note;must bear the same relationship to the total loss as the policyholder's total premium bears to the total premiums collected in the calendar year that the loss is incurred.(b) If funds collected under subsection (a) are insufficient to cover a loss or judgment, the directors of the farm mutual insurance company may, subject to the limitation set forth in the farm mutual insurance company's bylaws under section 30 of this chapter, assess each policyholder in the same manner. However, a farm mutual insurance company may not assess policyholders more than one (1) time in a calendar year for losses incurred by the farm mutual insurance company.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-36 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-36. Borrowing Funds; Assessment

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 immediately following the date the money is borrowed. Unless the commissioner authorizes a longer period, the assessment must be levied not more than twelve (12) months after the losses or expenses paid by the farm mutual insurance company through the loan are incurred.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-37 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-37. Policy Cancellation; Notice

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 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.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-38 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-38. Discontinuation of Company

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.
IN Code § 27-5.1-2-39 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-39. Misconduct; Penalty

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 mutual insurance company for private profit or gain commits a Level 5 felony.As added by P.L.129-2003, SEC.8. Amended by P.L.158-2013, SEC.297.
IN Code § 27-5.1-2-40 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-40. Investment Gain; Policyholder Surplus

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 other expenses.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-41 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-41. Election to Be Subject to Indiana Insurance Law

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 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.
IN Code § 27-5.1-2-42 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-42. Exemption From Regulation

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 the company's or association's business under this article by a resolution:(1) adopted by the company's or association's board of directors or policyholders;(2) filed with the commissioner; and(3) approved by the commissioner.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-2-43 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-43. Administrative Rules

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.
IN Code § 27-5.1-2-44 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 2. Farm Mutual Insurance Companies|27-5.1-2-44. Validity of Rate or Form Filed Under Prior Law

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.
IN Code § 27-5.1-3-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 3. Standard Farm Mutual Insurance Companies|27-5.1-3-1. Standard Company; Supplementation of Chapter; Limitation on Types of Insurance Provided

Sec. 1. (a) This chapter supplements the requirements set forth for a standard company in IC 27-5.1-2.(b) A standard company may not insure a policyholder of the farm mutual insurance company:(1) against loss to a motor vehicle owned by the policyholder from peril;(2) against liability resulting from the use of a motor vehicle owned by the policyholder;(3) for property loss in connection with a specific loan or other credit transaction; or(4) for personal, commercial, and farm liability.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-3-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 3. Standard Farm Mutual Insurance Companies|27-5.1-3-2. Powers; Kinds of Insurance Coverage

Sec. 2. A standard company that is issued a certificate of authority under this article may:(1) perform the business of insurance on:(A) an assessable;(B) a mutual; and(C) a nonprofit;basis;(2) insure the property of policyholders of the standard company against loss or damage that is caused by:(A) fire;(B) windstorm;(C) causes specified under an extended coverage provision; and(D) other perils that are not specifically excluded in the policy form; and(3) insure the property of policyholders of the standard company against:(A) loss of use;(B) loss of occupancy;(C) loss of rents; and(D) additional expenses;that result from direct loss or damage to covered property.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-3-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 3. Standard Farm Mutual Insurance Companies|27-5.1-3-3. Company Territory Expansion; Net Retention per Risk; Investments

Sec. 3. (a) A standard company may not insure property located outside the standard company's territory, as described in the standard company's articles of incorporation, unless the standard company meets the following requirements for expansion:(1) A standard company with annual direct written premiums that total not less than one hundred thousand dollars ($100,000) may expand the territory in which the standard company insures property to not more than ten (10) counties if the expansion is approved by the affirmative vote of a majority of the standard company's:(A) board of directors; or(B) policyholders present and voting at a meeting of the policyholders.(2) A standard company with annual direct written premiums that total not less than two hundred fifty thousand dollars ($250,000) may expand the territory in which the standard company insures property to more than ten (10) counties if the expansion is approved by the affirmative vote of a majority of the standard company's:(A) board of directors; or(B) policyholders present and voting at a meeting of the policyholders.(b) The net retention per risk of a standard company may not exceed two-tenths percent (0.2%) of the standard company's insurance in force.(c) A standard company shall make investments in accordance with IC 27-1-13-3.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-3-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 3. Standard Farm Mutual Insurance Companies|27-5.1-3-4. Policyholder Surplus; Reinsurance

Sec. 4. A standard company may issue an insurance policy insuring against loss or damage to property of a policyholder of the standard company from the perils specified in section 2 of this chapter in a county located in Indiana if the standard company maintains a policyholder surplus or reinsurance that the commissioner determines is sufficient to protect the financial stability of the standard company.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-3-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 3. Standard Farm Mutual Insurance Companies|27-5.1-3-5. Annual Statements

Sec. 5. (a) A standard company shall, not later than March 1, prepare and file with the commissioner an annual statement:(1) that is on a form prescribed by the commissioner;(2) that is verified by an affidavit of the:(A) president; and(B) secretary;of the board of the standard company and individuals who are authorized to do business on behalf of the standard company; and(3) that reflects the financial condition of the standard company as of the end of the calendar year immediately preceding the date of the annual statement.(b) An annual statement prepared and filed under subsection (a) must be presented at the annual meeting of the standard company.(c) An annual statement filed under subsection (a) must be accompanied by the filing fee set forth under IC 27-1-3-15.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-4-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 4. Extended Farm Mutual Insurance Companies|27-5.1-4-1. Extended Company Requirements

Sec. 1. An extended company is subject to the requirements of IC 27-5.1-2 and this chapter.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-4-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 4. Extended Farm Mutual Insurance Companies|27-5.1-4-2. Companies Existing on June 30, 2003; Extended Company Election; Amended Certificate of Authority

Sec. 2. (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:(A) the resolution;(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.
IN Code § 27-5.1-4-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 4. Extended Farm Mutual Insurance Companies|27-5.1-4-3. Kinds of Insurance Coverage

Sec. 3. An extended company may:(1) insure the property of policyholders of the extended company against loss or damage that is caused by:(A) fire;(B) windstorm;(C) causes specified under an extended coverage provision; and(D) other perils that are specified in the policy form;(2) insure the property of policyholders of the extended company against:(A) loss of use;(B) loss of occupancy;(C) loss of rents; and(D) additional expenses;that result from direct loss or damage to covered property; and(3) provide other kinds of insurance that are approved by the commissioner.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-4-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 4. Extended Farm Mutual Insurance Companies|27-5.1-4-4. Financial and Reinsurance Requirements

Sec. 4. An extended company shall comply with the following financial and reinsurance requirements if the extended company provides the types of insurance described in section 3 of this chapter:(1) The extended company shall maintain a policyholder surplus as required under IC 27-1-6-15.(2) The net retention per risk that an extended company may maintain may not exceed two-tenths percent (0.2%) of the extended company's insurance in force.As added by P.L.129-2003, SEC.8.
IN Code § 27-5.1-4-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 5.1. Farm Mutual Insurance Companies|Chapter 4. Extended Farm Mutual Insurance Companies|27-5.1-4-5. Collections Through Assessments and Premiums

Sec. 5. (a) An extended company:(1) may collect a membership fee and an initial premium charge that are prescribed by the board of directors of the extended company; and(2) shall collect, not less than annually, an amount that is sufficient to enable the extended company to:(A) pay losses and expenses; and(B) create and maintain a policyholder surplus in accordance with the articles of incorporation and bylaws of the extended company.(b) Collections under subsection (a) are subject to the following requirements:(1) Collections must be made through assessments or premiums charged by the extended company on certain insurance policies issued by the extended company as determined by the board of directors of the extended company.(2) A policyholder that holds an insurance policy that is issued on a basis other than a premium basis:(A) may be charged an advance assessment that is payable not later than the time at which the insurance policy is issued, as determined by the board of directors of the extended company; and(B) may be assessed if a further assessment is required under the articles of incorporation of the extended company.(c) The terms and conditions of assessments made under this section must be clearly disclosed in the insurance policy.As added by P.L.129-2003, SEC.8.