As used in this chapter, "short term insurance plan" means a policy of accident and sickness insurance (as defined in IC 27-8-5-1 ) that:

1. (1) may be renewed for the greater of:

   1. (A) thirty-six (36) months; or
   2. (B) the maximum period permitted under federal law;
2. (2) has a term of not more than three hundred sixty-four (364) days; and
3. (3) has an annual limit of at least two million dollars ($2,000,000).

As added by P.L.288-2019, SEC.7.