Indiana Code
Chapter 2. Farm Mutual Insurance Companies
27-5.1-2-12. Election of Director; Term of Office; Election of Officers; Annual Board Meeting

Sec. 12. (a) Unless a farm mutual insurance company's articles of incorporation specify otherwise, a director of a farm mutual insurance company must be elected at the farm mutual insurance company's annual policyholder meeting by the affirmative vote of a majority of:
(1) the policyholders present and voting; and
(2) the policyholders voting by proxy, if voting by proxy is allowed by the farm mutual insurance company's articles of incorporation.
(b) The term of office of a director must be at least one (1) year but not more than five (5) years. A farm mutual insurance company's articles of incorporation may provide for the classification of directors into three (3) groups, and the terms of the directors may be staggered. A vacancy on the board of directors may be filled for the unexpired term through an appointment made by the remaining directors.
(c) The board of directors of a farm mutual insurance company shall, by vote of a majority of the directors, elect the officers designated in the farm mutual insurance company's bylaws. The directors may also elect any additional officers that the directors determine are necessary. An officer elected under this subsection is not required to be a director.
(d) The term of an officer elected under subsection (c) may not be less than one (1) year or more than three (3) years. An outgoing officer shall hold office until the officer's successor is either elected or selected and qualified.
(e) The board of directors of a farm mutual insurance company shall hold a separate meeting of the board of directors immediately after the farm mutual insurance company's annual meeting.
As added by P.L.129-2003, SEC.8.

Structure Indiana Code

Indiana Code

Title 27. Insurance

Article 5.1. Farm Mutual Insurance Companies

Chapter 2. Farm Mutual Insurance Companies

27-5.1-2-0.1. Application of Certain Amendments to Chapter

27-5.1-2-1. Applicability

27-5.1-2-2. Farm Mutual Insurance Companies Existing on June 30, 2003

27-5.1-2-3. Proposed Farm Mutual Insurance Companies; Application for Certificate of Authority

27-5.1-2-4. Proposed Farm Mutual Insurance Company Requirements for Certificate of Authority

27-5.1-2-5. Powers and Duties

27-5.1-2-6. Exclusion of Companies

27-5.1-2-7. Exemption From Indiana Insurance Laws

27-5.1-2-8. Application of Indiana Insurance Laws

27-5.1-2-9. Location of Insurance Business

27-5.1-2-10. Annual Policyholder Meeting

27-5.1-2-11. Board of Directors

27-5.1-2-12. Election of Director; Term of Office; Election of Officers; Annual Board Meeting

27-5.1-2-13. Articles of Incorporation; Amendment

27-5.1-2-14. Bylaws; Amendment

27-5.1-2-15. Commissioner Filing Fee

27-5.1-2-16. Form and Rate Filing File and Use; Commissioner Disapproval; Judicial Review

27-5.1-2-17. Commissioner Examination

27-5.1-2-18. Unsafe Business Practice; Insufficient Assets; Commissioner Notice; Remedies; Court Proceedings; Injunction; Liquidation

27-5.1-2-19. Application for Coverage; Policyholder Status

27-5.1-2-20. Insurance Producers

27-5.1-2-21. Merger; Plan; Policyholder Notice

27-5.1-2-22. Merger Files; Commissioner Review; Notice and Hearing; Approval; Modification; Experts; Costs

27-5.1-2-23. Merger Plan Performance; Surviving Company

27-5.1-2-24. Certificate of Merger

27-5.1-2-25. Notice of Contract to Manage or Control; Commissioner Determination; Managing General Agent

27-5.1-2-26. Violations of Law; Commissioner Orders

27-5.1-2-27. Judicial Review

27-5.1-2-28. Willful Violation; Penalties

27-5.1-2-29. Notice of Intent to Waive Term of Policy, Right, or Defense

27-5.1-2-30. Premium Plus Assessment Basis; Policyholder Liability

27-5.1-2-31. Assessment Collection; Verification of Loss

27-5.1-2-32. Policyholder Failure to Pay Assessment

27-5.1-2-33. Policyholder Liability After Policy Termination

27-5.1-2-34. Notice of Premium Plus Assessment Policy; Civil Actions; Limitation

27-5.1-2-35. Payment of Losses and Judgments; Insufficient Funds; Assessments

27-5.1-2-36. Borrowing Funds; Assessment

27-5.1-2-37. Policy Cancellation; Notice

27-5.1-2-38. Discontinuation of Company

27-5.1-2-39. Misconduct; Penalty

27-5.1-2-40. Investment Gain; Policyholder Surplus

27-5.1-2-41. Election to Be Subject to Indiana Insurance Law

27-5.1-2-42. Exemption From Regulation

27-5.1-2-43. Administrative Rules

27-5.1-2-44. Validity of Rate or Form Filed Under Prior Law