Sec. 41. (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 . (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 . (c) An insurance policy that is: (1) issued or bound by a farm mutual insurance company that makes an election under subsection (a); and (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.
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