Indiana Code
Chapter 2. Farm Mutual Insurance Companies
27-5.1-2-5. Powers and Duties

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

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