Ind. Code ch. 27-5.1-1

in effect

Ind. Code § 27-5.1-1-1 Application

Sec. 1. The definitions in this chapter apply throughout this article. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-2 "Assessment"

Sec. 2. "Assessment" means an amount or a policyholder's share of an amount that a farm mutual insurance company determines is necessary for any of the following: (1) To pay the farm mutual insurance company's accrued liabilities. (2) To meet or defray the farm mutual insurance company's anticipated needs. (3) To add to or restore the policyholder surplus of the farm mutual insurance company. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-3 "Certificate of authority"

Sec. 3. "Certificate of authority" has the meaning set forth in IC 27-1-2-3(v). As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-4 "Commissioner"

Sec. 4. "Commissioner" means the insurance commissioner appointed under IC 27-1-1-2. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-5 "Department"

Sec. 5. "Department" means the department of insurance created by IC 27-1-1-1. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-6 "Extended company"

Sec. 6. "Extended company" means a farm mutual insurance company that is authorized to provide coverage as described in IC 27-5.1-4. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-7 "Farm mutual insurance company"

Sec. 7. "Farm mutual insurance company" means a company (as defined in IC 27-1-2-3) that is authorized to provide insurance coverage under this article. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-8 "First class city"

Sec. 8. "First class city" refers to a first class city as classified under IC 36-4-1-1. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-9 "Initial charge"

Sec. 9. "Initial charge" means a charge that is collected by a farm mutual insurance company before or at the time of the issuance or renewal of an insurance policy under this article. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-10 "Person"

Sec. 10. "Person" means an individual or a business entity. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-11 "Policyholder"

Sec. 11. "Policyholder" means a person who is insured by a farm mutual insurance company. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-12 "Policyholder surplus"

Sec. 12. "Policyholder surplus" means the accumulated assets of a farm mutual insurance company that exceed the farm mutual insurance company's accrued losses and expenses. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-13 "Premium"

Sec. 13. "Premium" means money given in consideration to a farm mutual insurance company on account of or in connection with an insurance policy for a specified policy period. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-14 "Premium plus assessment"

Sec. 14. "Premium plus assessment" refers to an insurance policy under which the policyholder is: (1) obligated to pay a premium; and (2) subject to potential assessment. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-15 "Principal office"

Sec. 15. "Principal office" means the primary office maintained by a farm mutual insurance company in Indiana. As added by P.L.129-2003, SEC.8.

Ind. Code § 27-5.1-1-16 "Standard company"

Sec. 16. "Standard company" means a farm mutual insurance company that may provide insurance coverage under IC 27-5.1-3. The term does not include an extended company. As added by P.L.129-2003, SEC.8.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/27Fetched: 10/17/2026