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