Sec. 5. (a) A farm mutual insurance company has all the powers, rights, privileges, duties, and obligations of a company organized under IC 27-1-6 except where IC 27-1-6 is inconsistent with this article.
(b) A farm mutual insurance company has the following:
(1) The power to borrow money.
(2) The ability to sue or be sued.
(3) The power to make contracts of insurance or indemnity with:
(A) a person;
(B) a firm;
(C) a public corporation;
(D) a private corporation;
(E) a board;
(F) an association;
(G) an estate; or
(H) a trustee or legal representative of an estate.
(4) The power to cede or obtain reinsurance from an insurance company legally operating in Indiana.
(5) The power to participate with a financially stable insurance company in:
(A) a plan for reinsurance; or
(B) catastrophe protection.
(6) The power to determine the qualifications and the manner by which to admit or withdraw policyholders.
(7) The power to use a common seal, which the farm mutual insurance company may change or alter.
(8) The power to purchase, lease, hold, and dispose of:
(A) real property; and
(B) personal property;
in the farm mutual insurance company's name for use in carrying out the purposes of the farm mutual insurance company.
(9) The power to classify risks according to the hazards involved.
(10) The power to establish rates according to the classification of risk.
(11) The power to determine the acceptability of risk and hazards insured.
(12) The power to determine the cost of insurance issued by the farm mutual insurance company and the adjustment and payment of losses.
(13) The power to determine the compensation of directors and officers of the farm mutual insurance company.
(14) The power to require that directors and officers of the farm mutual insurance company be bonded in the performance of the duties of the directors and officers.
(15) The power to adopt or amend bylaws and articles of incorporation of the farm mutual insurance company.
(16) The power to adopt or amend policy forms and application forms used by the farm mutual insurance company.
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