Sec. 20. (a) As used in this section, “crop hail insurance” means insurance that is used only in the event of hail related disasters to growing farm crops.

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Terms Used In Indiana Code 27-1-15.6-20

  • Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
  • Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
  • Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
  • person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
     (b) As used in this section, “multi-peril crop insurance” means insurance that is:

(1) used in the event of weather related disasters or insect infestations during the growing season; and

(2) guaranteed by the Federal Crop Insurance Corporation.

     (c) To sell multi-peril crop insurance or crop hail insurance, a person must be licensed under this chapter.

     (d) If, after a person is licensed under this chapter as an insurance producer, the person wants to limit the person’s insurance business solely to the sale of:

(1) multi-peril crop insurance;

(2) crop hail insurance; or

(3) multi-peril crop insurance and crop hail insurance;

the person may request the commissioner to issue to the person a limited lines producer’s license under this chapter.

     (e) If the commissioner:

(1) receives a request from a person under subsection (d); and

(2) the person shows proof of having completed ten (10) hours of continuing education credit approved by the department;

the commissioner shall issue a limited lines producer’s license to the person, subject to the provisions of this chapter relating to limited lines producer’s licenses.

     (f) A person issued a limited lines producer’s license under subsection (e) may sell only:

(1) multi-peril crop insurance;

(2) crop hail insurance; or

(3) multi-peril crop insurance and crop hail insurance.

As added by P.L.132-2001, SEC.3.

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