Indiana Code 27-5.1-2-31. Assessment collection; verification of loss
Current as of: 2023 | Check for updates
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Sec. 31. (a) A farm mutual insurance company shall collect an assessment from a policyholder in the manner prescribed by the farm mutual insurance company’s bylaws.
(1) notice of a loss or damage to a policyholder’s property; or
(b) After a farm mutual insurance company that operates on a premium plus assessment basis receives:
Terms Used In Indiana Code 27-5.1-2-31
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) a judgment against the farm mutual insurance company;
the directors of the farm mutual insurance company shall verify the loss, damage, or judgment and shall, subject to the limitation set forth in the farm mutual insurance company’s bylaws under section 30 of this chapter, assess each policyholder an amount proportionate to the amount of risk the policyholder has with the farm mutual insurance company.
As added by P.L.129-2003, SEC.8.