IC 27-5.1-2-24.5 — Waiver of merger requirements
Chapter 2. Farm Mutual Insurance Companies
Bills adding this section
Section text
Sec. 24.5. (a) The commissioner may waive the requirements of this chapter or IC 27-1-9, whichever is applicable, for a merger or consolidation of a farm mutual insurance company with any other company (as defined in IC 27-1-2-3) if: (1) the farm mutual insurance company is notified that it will lose reinsurance coverage within one hundred twenty (120) days; or (2) another emergency event occurs that places the farm mutual insurance company in imminent danger of insolvency. (b) A farm mutual insurance company that decides to merge or consolidate as a result of an emergency event described in subsection (a) shall provide notice of the emergency event to the commissioner not later than ten (10) days after the emergency event occurs. (c) The commissioner shall issue a decision on the proposed merger or consolidation not more than ninety (90) days after receiving notice from a farm mutual insurance company under subsection (b).
As added by P.L.86-2026, SEC.10.
Source: official publisher (2026 edition)