(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.