IC 27-5.1-3
Chapter 3. Standard Farm Mutual Insurance Companies
IC 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.
IC 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.
IC 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.
IC 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.
IC 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.
IC 27-5.1-3
Chapter 3. Standard Farm Mutual Insurance Companies
IC 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.
IC 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.
IC 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.
IC 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.
IC 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.
IC 27-5.1-3
Chapter 3. Standard Farm Mutual Insurance Companies
IC 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.
IC 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.
IC 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.
IC 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.
IC 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.
