1. (a) A premium plus assessment insurance policy must expressly and prominently state on the face page of the insurance policy that the insurance policy is a premium plus assessment insurance policy.

2. (b) A suit or action for a loss under a premium plus assessment insurance policy may not be commenced until:

   1. (1) the loss is due in accordance with the premium plus assessment insurance policy; or
   2. (2) not less than sixty (60) days after proof of loss was given to the farm mutual insurance company that issued the premium plus assessment insurance policy.
3. (c) Requirements that a policyholder must meet to sustain a legal cause of action under this section must be disclosed clearly and prominently on the face page of the premium plus assessment insurance policy.
4. (d) Notwithstanding IC 34-11-2-11 , the statute of limitations for a claim on a premium plus assessment insurance policy under this section is two (2) years after the date of the loss.

As added by P.L.129-2003, SEC.8.