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.
Structure Indiana Code
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
27-5.1-2-2. 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
27-5.1-2-6. 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
27-5.1-2-19. Application for Coverage; Policyholder Status
27-5.1-2-20. Insurance Producers
27-5.1-2-21. Merger; Plan; Policyholder Notice
27-5.1-2-23. Merger Plan Performance; Surviving Company
27-5.1-2-24. Certificate of Merger
27-5.1-2-26. Violations of Law; Commissioner Orders
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