Sec. 5. As used in this chapter, "home state" means:
(1) a state, district, or territory of the United States in which an independent adjuster:
(A) maintains the independent adjuster's principal place of residence or business; and
(B) is licensed to act as a resident independent adjuster; or
(2) if the principal place of residence described in subdivision (1) does not license independent adjusters for the line of authority in which the independent adjuster seeks licensing under this chapter, the state, district, or territory of the United States:
(A) that is designated by the independent adjuster as the independent adjuster's home state; and
(B) in which the independent adjuster is licensed and in good standing.