1. (a) A farm mutual insurance company that was authorized to provide insurance in Indiana on June 30, 2003, may elect to obtain a certificate of authority as an extended company.

2. (b) An election under subsection (a) is made by:

   1. (1) an affirmative vote by the board of directors of the farm mutual insurance company:

      1. (A) on a resolution to convert to an extended company; and
      2. (B) on an amendment of the articles of incorporation of the farm mutual insurance company; and

   2. (2) filing:

      1. (A) the resolution;
      2. (B) the amended articles of incorporation; and

      3. (C) other information that the commissioner considers necessary for review;

         with the commissioner.

3. (c) The commissioner shall, upon:

   1. (1) receiving a filing specified under subsection (b)(2); and

   2. (2) determining that the farm mutual insurance company is in compliance with the requirements of this article and other applicable law;

      issue an amended certificate of authority to the farm mutual insurance company authorizing the farm mutual insurance company as an extended company.

4. (d) A farm mutual insurance company, after receiving an amended certificate of authority under subsection (c):

   1. (1) is subject to the requirements of this chapter; and
   2. (2) may commence the business of insurance as an extended company.

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