1. (a) A farm mutual insurance company may elect to be subject to the provisions of IC 27-1 , as provided by IC 27-1-11-1 , with the rights, privileges, and franchises provided under IC 27-1 .
2. (b) An election under subsection (a) becomes effective on the date of issuance of a new certificate of authority under IC 27-1-11-7 .

3. (c) An insurance policy that is:

   1. (1) issued or bound by a farm mutual insurance company that makes an election under subsection (a); and

   2. (2) in effect on the date the election becomes effective;

      is not invalidated by IC 27-1 , but remains in full force and effect until expiration or termination of the insurance policy. However, IC 27-1 applies to an insurance policy described in this subsection beginning three (3) years after the date the election becomes effective.

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